List of legitimate expenses of renting a second home? (rental, house, repairs)

[4khansen]

I was wondering if there is a link to a all-inclusive (hopefully) list of expenses one can deduct towards taxes for a second home we are renting for 18 months? This will be our permanent home soon but right now we have it rented out.


I know I can deduct, property taxes, etc. as well as expenses for repairs and the cost of our property management team/manager as well as depreciation. Just don't want to miss anything. . . .

[LLinVA]

It's best to talk to your tax preparer.

Are there any expenses you aren't sure of? When in doubt, track it all and ask your tax preparer. It's better to have a list with more than what's allowed and have your tax preparer take out the few expenses that you can't take than to not track something.

[MrRational]

Originally Posted by 4khansen

I was wondering if there is a link to a all-inclusive (hopefully) list of expenses one can deduct

Conveniently... the IRS has your answers.


https://www.irs.gov/pub/irs-pdf/i1040se.pdf

[mathjak107]

Originally Posted by 4khansen

I was wondering if there is a link to a all-inclusive (hopefully) list of expenses one can deduct towards taxes for a second home we are renting for 18 months? This will be our permanent home soon but right now we have it rented out.


I know I can deduct, property taxes, etc. as well as expenses for repairs and the cost of our property management team/manager as well as depreciation. Just don't want to miss anything. . . .

realize that by owning a non primary home now and whether it is a rental or 2nd home , that home is now prorated as far as the tax free exclusion if you ever sell it after it is a primary .

so if you own that home and eventually make it a primary , the exclusion you get , 250k if single 500k if married is prorated over the entire time you had the home vs just as a primary .

buying in advance today is usually not a great idea unless you are sure you will die in that house .