List of Tax Deductions for Rental Property

Do you know what are the allowable tax deductions for rental property? Learn the answers with our complete rental property tax deduction list.


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5. Expenses for Managing Overseas Property

If you own rental properties abroad, the traveling and living expenses that are incurred for foreign property management may be tax deductible.

The good news is that almost all of your overseas expenses can be deducted. This includes hotel bills, air tickets, taxi fares and even meal expenses. Naturally some landlords will be tempted to mix business with pleasure but don't overdo it. An exaggerated example would be claiming tax deductions for a 6 month holiday.

It's also important to keep detailed records of all related bills and receipts. The IRS tends to be quite strict on tax deductions for overseas rental property expenses (especially for larger claims).

6. Traveling Expenses for Local Rental Property

If you drive for rental property management purposes, then your traveling expenses will be tax deductible. This includes driving costs incurred for collecting rent, making property repairs and meeting tenants to resolve issues.

As with all allowable tax deductions for rental property owners, remember to keep written records of your driving expenses, including gasoline receipts and vehicle maintenance bills.

7. Home Office for Rental Property Management

If you meet certain requirements, you can even designate your house as a home office. This works in your favor since all the office equipment and stationery that you spend on property management can be used to offset your real estate taxes.

Home office expenses are the only tax deductions you can claim here. If you set up a home workshop to maintain and repair your rental properties, the money spent on this workshop is tax deductible as well.

8. Insurance for Rental Property and Employees

The premiums that you pay for your rental property are all tax deductible. This covers almost all types of rental property insurance including building, fire, flood, theft, landlord liability and landlord contents insurance.

If you hire long term employees to manage your rental properties, their health and work insurance can also be considered as rental property tax deductions.

Rental Property Tax

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