Rental Property Tax Tips

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Tax Deductions for Rental Property Depreciation
When you rent property to others, you must report the rent as income on your taxes. But you can deduct, or subtract, your rental expenses—the money you spent in your role as the person renting out the property—from that rental income, reducing your tax obligation. Many expenses can be deducted in the year you spend the money, but depreciation is different. Read more…

How to Report a Foreclosed Rental House on Your Taxes
The IRS requires you to report the gain or loss on a foreclosure on your tax return. Read more…

Mortgage Refinance Tax Deductions
When refinancing a mortgage to get a lower interest rate or obtain more favorable loan terms, you're really just taking out a new loan and using the money to pay off your existing home loan. In general, the same tax deductions are available when you're refinancing a mortgage as when you're taking out a mortgage to buy a home. Read more…

Selling Rental Real Estate at a Loss
You may own rental real estate that you need to sell at a loss. To help ease the pain, losses from selling rental properties generally receive favorable tax treatment. Read more…

Video: Filing Schedule E Supplemental Income and Loss
Do you rent out your home or other real estate to earn some extra money? Or, are you a partner in a partnership? If so, you may have an obligation to report some of your earnings on a Schedule E attachment to your tax return. Watch this video to find out more information on filing Schedule E. Read more…


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