Here are some of the big tax deductions you can take as a rental property owner:
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Mortgage interest – In most scenarios, you can’t claim back the interest on a loan, but with real estate you can because it’s considered a business expense.
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Depreciation – A home is often looked at as something that becomes more and more valuable over time. But in the case of rental property, it is more of a business asset and business assets depreciate. Calculating the depreciation isn’t exactly simple so it’s a good idea to get the help of a qualified tax professional.
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Operating expenses – these are costs such as property management, repairs and maintenance, property taxes and HOA fees.