Posts Tagged ‘deduct’
Can I deduct Rental Property Expenses in my personal return if the property I own is Commercial?
I own a commercial office suite, which I rent.
Are expenses such as Mortgage appeal, Taxes, Insurance, Repairs, deductable in my personal return, as they would be in the case of a Residential Leasing Property?
I can’t find reference to decuting expenses for a COMMERCIAL leasing property in personal income, anywhere in the IRS website.
Can I deduct improvements made on my rental property if I work with a property manager or only if I manage?
I am plotting to rent out my house. I have made considerable renovations to the property. I was told that I may possibly enter these home improvements off when my house becomes a leasing prop. What I am not clear on is whether I can enter equipment off if I am working with a property management company or if I must manage the property myself. I am not sure if there is a difference.
I would be grateful for any clarification on this from people in the know! I want to be assured that I can enter off these improvements, as it exceeds $25,000 at this point. Thanks.