rental property

[mckeithantax]

For rental property, what are some of the top items landlord forget about or dont know about?

[HelenC12]

Depreciation expense is an item that landlords may not know about and the fact that when you sell your rental, you have to claim all the previous years' depreciation expense. This is called Depreciation Recapture and it's taxed in the year of sale.  You may have to pay 25% on your depreciation recapture. See IRS Publication 544 Chapter 3 Depreciation Recapture, page 27.

Please see the TurboTax article: Real Estate Tax and Rental Property. It will give you a list of rental expenses that you can deduct on your income tax return.  

When you get ready to enter your rental, please see Where do I enter income and expenses from a rental property?