General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal



Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago on . Most recent reply
First time doing rental property taxes. Need advice
I purchased my first duplex, out of state, over the summer and am now preparing to do my rental property taxes for the first time and have a few questions on deductions.
Is the home inspection deductible?
I initially had 1 vacant unit and had to cover the gas/electricity for 2 months. Are those utilities deductible?
Do I need to report tenant covered utilities, like gas/electricity, as income?
I switched property management companies after 2 months, for various reason, and had to pay a cancellation fee. Would that fee be tax deductible? I know that the monthly PM fee is.
I purchased the property without seeing it, but when I flew home over the holidays I went by to take a look. Could this allow me to deduct that plane ticket? I feel as if this is not the case but want to double check.
I pay no state income tax where I live, but the property I purchased is located in a state which has income tax - I assume I will need to file with that state.
I've done a good amount of research on what is a deduction vs. what needs depreciated but need more detailed answers on a few questions. Thanks in advance.