Rental Income

[sarahrainwater]

I just started renting out a condo I own a few months ago. What are all the deductions and tax implications I should know about as a new landlord?

[Ruth C-L]

There are a wide variety of deductions associated with the rental activity. You're able to deduct ordinary and necessary expenses associated with the rental property including the following:

- Mortgage interest

- Property taxes

- Repairs & maintenance

- Depreciation on the building portion of the property

- Utilities

- HOA Fees

- Homeowners' insurance

- All other ordinary and necessary expenses.

Ruth, CPA, Esq.