What Are The Advantages Of A Rental Property Tax Deduction?
So many advantages are available to those who are working as a landlord on rental property in the form of the rental property tax deduction. Rent, payment to cancel a lease, expenses paid by the renter and many other things can be part of the amounts you can claim under the tax deduction. Taking a closer look at some of these we can see a bit fuller picture of the benefits of claiming a tax reduction on your return. One of the claims included in the tax deduction is interest. What kind of interest exactly can include mortgage interest payments and interest on credit card payments used purchase anything that may be related to rental purposes. Coming down to it, this is the biggest amount that can be claimed under the tax reduction. A few other items included in the rental property tax deduction include depreciation and repairs. As far as depreciation is concerned it can be claimed from year two of occupancy and up to 27.5 years from there. Repairs must be conducted within the same year
