As a host for rental properties, you should claim the below tax deductions to keep more of your hard-earned money.
Mileage you can deduct
Miles driven to pick up supplies, advertising assets, or other work-related errands are tax deductible.
Between property visits
Miles driven between properties, and from your last property visit to your home office, are tax deductible.
Expenses you can deduct
Supplies like cleaning products, rags, and paper towels that you buy for work are deductible.
Items that you buy for everyday use in your office, like pens, paper, postage, and notepads, are deductible!
Designing and printing business cards is deductible as a marketing expense. Just be sure to check for typos!
The costs of promoting your business, like online ads, signs, print, radio, and video, are all deductible!
Licenses & Memberships
Licenses or memberships that help you do your job are deductible. That includes license renewal fees and membership dues to professional organizations.
If you purchase supplies that are needed to run your business, those expenses are deductible! Just make sure these purchases would be considered typical for your industry.
A good contract can save you hours of headaches... for a price. Be sure to record your business related legal expenses as deductions!
Call in the cleaners! Maid-services, professional cleaners, carpet cleaning, landscaping, and any labor you hire to keep your property in shape qualifies as a business deduction.
Hosting fees and commissions on Airbnb, VRBO, Zillow, and other sites are all deductible.
Protect your investment. The business percentage of your homeowner's insurance is a deductible expense.
A business percentage of interest you pay to finance your property is tax deductible. Payments of principal, however, are not.
Repairs that maintain your property without increasing its value can be deducted. However, home improvements, renovations, restorations, and additions all should be claimed elsewhere as capital improvements.
It's due time! Homeowner's association dues, and fees paid to professional property managers, are big ticket deductions!
Claim the business percentage of the property taxes you pay.
If you remit occupancy taxes on behalf of your guests, you can claim these as a deduction.
Save those bills and deduct a business percentage of what you pay for heat, electricity, water, waste removal, phone, television, and internet.
Deduct a business percentage of the rent you pay for properties that you rent out to guests.
Personal Protective Equipment
Hand sanitizer, gloves, face masks, and other safety items are essential right now for anyone actively working in the face of the COVID-19 pandemic.
Any expense that doesn't fit the other categories we've set up for you. Please make sure to add a note to keep track of them!