Many rental property owners fail to account for all of their “ordinary and necessary” rental property tax deductions, causing them to overpay their taxes every year. These include any actual out-of-pocket expenses (such as repairs, maintenance, insurance, real estate taxes, etc.), along with depreciation and amortization tax deductions.
The following checklist will hopefully eliminate this problem once and for all. While this list is not exhaustive, it covers most of the expenses that a typical landlord would/could incur in any given year.