You can deduct the cost of repairs on your rental property in the year you paid. However, you may not deduct the cost of improvements. You must recover the improvement cost through depreciation, rather than deducted in the year paid. A repair just keeps the property in good operating condition and does not materially add […]
Category: Rental Income and Passive Loss Rules
Rental Income and Expenses
Rental property is often a good investment. You can collect rent to covers the cost of the mortgage and repairs while allowing you to own the property with little or no out-of-pocket expense. As the property increases in value, your net worth increases. There are somethings about taxes on rental income and loss you should […]