What is a Rental Deduction?
There are several types of rental deduction, and these may depend upon the agency giving them. First, in most cases, these deductions apply to either businesses or to landlords. Some US states have a rental deduction for tenants, if they rent homes. These homes may need to be subject to property tax in order for the deduction to apply. In most cases, on the federal level, the IRS treats with how businesses or homeowners that rent properties can take a rental deduction or several of them. For landlords there are several possible ways to deduct amounts earned from rental income. Landlords can take a rental deduction for one or more of the following: • Depreciation of property • Repairs to property • Interest on mortgage • Travel to and from property on business-related trips • The IRS may also give tax credits to people who rent low income housing, even if only a portion of their total rentals are designed for low income renters. Businesses, corporations and partnerships may be able to t
