How to Maximize Deductions on Your Rental Property

[Bette Hochberger]

Hi everyone,

If you own rental property, it's essential to maximize your tax deductions. Here are some tips:

1. Depreciation: Remember to depreciate the property and its improvements.
2. Repairs vs. Improvements: Repairs can be deducted in the year they're made, while improvements must be depreciated.
3. Travel Expenses: If you travel to your rental property for maintenance or management, those expenses may be deductible.
4. Home Office: If you manage your rental property from a home office, you may be able to deduct related expenses.
5. Professional Services:  Fees paid to accountants, lawyers, or property management companies are deductible.

What strategies have worked for you in maximizing deductions?