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Tax Deduction Consulting: Overlooked Rental Property Deductions Casper WY

Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and any security deposits not returned to the tenant. In fact, revenue can also include amounts paid to cancel a lease, even if you had to sue the defendant to get it.

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Casper, WY

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944 E 2nd St
Casper, WY

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Sheridan, WY
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BUFFALO, WY

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Cheyenne, WY

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Gillette, WY

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Tax Deduction Consulting: Overlooked Rental Property Deductions

Rental Property Tax Deductions

Own residential rental properties? This article discusses how income from those properties impacts your taxes.

Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and any security deposits not returned to the tenant. In fact, revenue can also include amounts paid to cancel a lease, even if you had to sue the defendant to get it.

Tax deductions associated with rental properties are strikingly similar to those found in any business. Technically, you can deduct any expense reasonably necessary to "manage, conserve or maintain" the property. Obvious deductions include mortgage payments, cleaning expenses, insurance premiums, service payments such as landscape maintenance, repairs, maintenance, etc. Overlooked rental property deductions include:

  • Expenses incurred in finding tenants,
  • Commissions paid to third parties that arrange for tenants,
  • Paying your accountant and/or lawyer,
  • Mileage for driving to and from the property [I said, "No more parties!"]
  • Depreciation of the property, and
  • Depreciation of items in the property such as washing machines, furniture, etc.

A few creative property owners have suggested that they should be able to deduct their customary and standard monthly rent if the property is empty. Th...

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