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Investment Property Tax Question...?


Ok,

I've been doing a little research and it's amazing to see what kind of tax break an investment property can be.

I still need specific details as to what all you can itemize on your taxes when it comes to your investment property.

So far I've heard that you can deduct:
Morgage Interest
Depreciation
Management Fees
Maintenance

Are there any other tax advantages that I am missing? Can you claim the Property Insurance?

Any and all property related tax info is greatly appreciated.
v/r,
Austin

Real Estate Taxes
Insurance
Repairs
Cleaning
Travel to it
Accountant Fees
Lawyer Fees
Utilities
Supplies
Equipment Replacements
etc.
Pretty much anything that you spend that is related to the investment property is deductible.

I've attached a link to a website with more deductions.

TFBA Report It

Think of it as a business. Any expense that is required to keep the business running. If your property is out of state, you can deduct travel expenses to check on your property. Insurance. Accounting fees. The list can be endless.

Any expense that you incur that is due to that investment property would be an investment expense. So the items you list are deductible expenses, some possible others might be:
insurance (property or liability)
if you pay the utilities (between renters perhaps)
if you try to entice renters by paying their cable bill, that's deductible
accounting fees
lawyer fees
the cost of the paper to print out contracts
travel to the property and back
computer software to track your expenses
the list goes on and on...

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