Tax

Tag: Rental Property

  • Dwelling Unit

    Dwelling Unit Renting Residential and Vacation Property If you receive rental income from renting to others a dwelling unit, such as a house or an apartment, you may deduct certain expenses. These expenses, which may include interest, taxes, casualty losses, maintenance, utilities, insurance, and depreciation, will reduce the amount of rental income that is taxed.…

  • Rental Income

    Rental Income Generally, cash or the fair market value of property you receive for the use of real estate or personal property is taxable to you as rental income. You can generally deduct expenses of renting property from your rental income. Income and expenses related to real estate rentals are usually reported on Form 1040,…

  • Rental Expenses

    Rental Expenses Some examples of expenses that may be deducted from your total rental income are depreciation, repairs, and operating expenses. You can recover some or all of your original investment in the rental property (including furnishings) and the cost of later improvements through depreciation. You must use Form 4562 (to report depreciation) beginning in…