Rental property income

[TheBrownHouse]

When filing taxes on my rental property do I just keep all my receipts and then put that down as my expenses? Also not being in an LLC am I ok?

[marctu]

Thank you @ TheBrownHouse for your question.  Keeping your receipts is a good starting point for your expenses related to a rental property.    

A landlord is allowed to deduct any reasonable expenses used in the conduct, maintenance and managing of her rental properties. That includes:

• Utilities
• Taxes
• Mortgage Interest
• Necessary and reasonable repairs to the property
• Travel costs incurred while doing business
• Vehicle mileage for the year for business and non-business use of a vehicle or vehicle.

You also want to make sure that you are depreciating the rental property.   Make sure that you have a current tax assessment for the property as well as the closing statement from the purchase and any improvements that were made prior to renting the property.  This is an area that is very important.  

Be well and safe.

All the best,

Marc T.

TurboTax Live Select Time Tax Expert

26 Plus Years of Experience Helping Clients

**Say "Thanks" by clicking the thumbs up icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

[Ruth C-L]

Great answer by Marc T. I would add that you don't need to have an LLC to report the rental income and expenses on your tax return.

Ruth C-L, CPA