https://ttlc.intuit.com/community/taxes/discussion/rental-property-taxes/01/2793089#M1029043 <P>I’m renting out my condo unit that was once my primary residence, how much income tax should I set aside? Can I claim deductions for anything spent on my rental property e.g. paint, hardware replacements, etc.? Would I need an LLC for renting out the one unit or sole proprietorship or any type of business license aside from the rental license I already have? Thanks!</P> Tue, 10 Mar 2026 06:47:37 GMT Tran0287 2026-03-10T06:47:37Z https://ttlc.intuit.com/community/taxes/discussion/rental-property-taxes/01/2793089#M1029043 <P>I’m renting out my condo unit that was once my primary residence, how much income tax should I set aside? Can I claim deductions for anything spent on my rental property e.g. paint, hardware replacements, etc.? Would I need an LLC for renting out the one unit or sole proprietorship or any type of business license aside from the rental license I already have? Thanks!</P> Tue, 10 Mar 2026 06:47:37 GMT https://ttlc.intuit.com/community/taxes/discussion/rental-property-taxes/01/2793089#M1029043 Tran0287 2026-03-10T06:47:37Z https://ttlc.intuit.com/community/taxes/discussion/re-rental-property-taxes/01/2793108#M1029044 <P>Yes, all your expenses are deductable from your rent income. You do not need an LLC. Rental income and expenses are reported on Schedule E, which is not the same of self-employment. A business license may be required by your locality but that has nothing to do with federal income taxes.</P> Wed, 16 Nov 2022 22:49:09 GMT https://ttlc.intuit.com/community/taxes/discussion/re-rental-property-taxes/01/2793108#M1029044 leeloo 2022-11-16T22:49:09Z