Rental Property Tax Deductions (What Can You Deduct Now vs Depreciate Over Time?)

Understanding which expenses are tax deductible for your rental property is important. And, knowing how to deduct rental property expenses which expenses you can deduct now versus depreciate over time is also important. There is a difference according to the IRS in repairs vs rental property improvements for tax purposes. If you do something to a property to add value, you must depreciate that expense over 27.5 years and can’t deduct that entire expense in the year it was incurred. Deducting repair costs and other things such as property management fees, taxes, utilities are all things that can be deducted in the year they were incurred. Owning a rental property tax deductions are great but educate yourself so you aren’t surprised on what you can and can’t do. Check out www.irs.gov for more information on allowable deductible expenses. https://www.irs.gov/newsroom/know-the-tax-facts-about-renting-out-residential-property ------------------------------ Visit us at https://www.richeypm.com/ Follow us on: Instagram: https://www.instagram.com/rentingreston/ Facebook: https://www.facebook.com/RicheyPropMgt/ ------------------------------ Richey Property Management is a residential property management company serving Northern Virginia. Our goal is to elevate the Landlord/Tenant experience by providing outstanding service and communication and through the use of innovating technology and creative problem solving. Our years of experience and dedication to enhancing the lives of our clients make us a clear choice when selecting a property management company. We look forward to hearing from you soon and talking about how we can help you! #rentingreston