Are property management expenses like finding a tenant, advertising, repairs, a new Washer/Dryer and fridge deductible?
I also upgraded my laptop to keep track of my bookkeeping. In general, business expenses can be deducted to offset income in order to determine net profit or loss of a business. The most common form that business income and expenses are recorded on is a Schedule C, although Schedule E is used to track rental property transactions. In this case, to know where your expenses should be recorded, there would have to be a determination of whether your property management activity is a business or simply part of managing your own personal rental properties. Some items — such as expenses for items which typically have a useful life of more than one year — are capital expenses and part of their cost is deducted over several years. Any expenses on your list that fall into this category may not be fully deducted in their first year of use. Instead you would depreciate the item and deduct part of the item’s cost for several years. The number of years over which you depreciate an item varies acco
