The amount you pay in principle each year cannot be deducted from your income when figuring your tax liability. If you have a seller financed mortgage you must have the name, address and social security of the seller to report.
Real Estate Tax
Taxes are reported in the year paid, not the year they are applied to.
Cleaning and Repairs
Amounts for supplies and labor are deductible.
Major repairs such as remodeling or replacing a furnace are not included as rental expenses. These costs can be depreciated over a long period of time as improvements.
This includes utilities directly paid or paid by the management company on your behalf, not amounts paid by tenants.
Amounts paid to a management company. If paid to an individual a 1099 form will need to be issued if the amount paid in the year is over $600.
Legal expenses related to a refinance or purchase must be amortized over a period of time.
Cost for tax preparation of the rental return (Schedule E)
Also includes, depreciation and mileage worksheets, and any other forms related to tax computation of the rental income.
Home Care Services
Payments for home security, cleaning service, and yard maintenance are deductible.
Items such as rental contracts and receipts.
Rental furniture and appliances
Amounts paid can usually be depreciated over 5 years.
Includes fire, flood and liability insurance. Does not include auto insurance.
Homeowner association dues include special assements and maintenance charges.
Penalty charges, such as overdraft fees, are not deductible.
Including roundtrip — home to rental property, and for bank, errands, etc.