What can a landlord use as a deduction with respect to a rental property? Water and Sewerage bills? Water Heater Rental payments? Repairs? etc.. can any of that be used?
2006-10-13 00:41:33 · 6 answers · asked by Imani 5 in Business & Finance ➔ Renting & Real Estate
first every municipality can have different rules...but in general most land lords prefer to take care of the bills that can produce liens (water & sewer) themselves...with that said the costs incoured are and should be passed on to the user (tenant) via rent. the others you mention should be determined at the time of signing the lease. Heat and hot water usually are the renters responsibility but can be occasionally included in rent (usually see this when one boiler serves more than one unit. finally yes can charge for "repairs" particularly if they are more than "normal wear and tear" and can hold back security deposit if damage is excessive...but there are laws on how to do that properly...
2006-10-13 00:48:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you are referring to tax deductions, all of the above are allowed if you are paying for them. If you are new at landlording you need some serious mentoring as you could suffer some losses and unknown things you need to understand.
2006-10-13 06:27:40 · answer #2 · answered by Midwest guy 4 · 0⤊ 0⤋
Income is rents received and deductions are any expenses they paid plus they can deduct the cost of the building over time ( generally 39 years).
2006-10-13 01:09:21 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋
As a deduction on your taxes?
All of the above.
2006-10-13 02:30:14 · answer #4 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
you are able to record your condo earnings on time table E and then record all your expenditures. those contain actual sources tax, loan interest, upkeep, upkeep, depreciation, etc. concerning the condo. you are going to be able to take the loss finding on your submitting status and different earnings. ensure you place the actual sources tax and private loan interest on time table E no longer time table A till you employ a factor of the condo as your considerable abode (as an occasion a duplex the place you reside in one a million/2 and hire out the different) those products are chop up with the condo factor on the time table E and the internal maximum factor on the time table A.
2016-10-02 06:21:24 · answer #5 · answered by ? 3 · 0⤊ 0⤋
none of the above
2006-10-13 00:44:44 · answer #6 · answered by St♥rmy Skye 6 · 0⤊ 0⤋