Can I claim new things bought from my rental property? If so, where do I claim this at on the federal return?

Answer 1

Thing you bought FOR your rental property or things you bought FROM your renters? Things bought FOR the rental house, yes....things bought FROM the renters, no, unless it's FOR the rental house! You deduct the cost of the items from the priofit you made on the rental, unless there is a blank to put the amount you spent on the rental property.

Answer 2

You file Schedule E with your Form 1040 to account for income and expenses from the rental of real property. Expenses such as mortgage interest, property taxes, management fees, repairs and maintenance and depreciation can all be deducted from the rental income received.

Improvements to the property, such as new appliances, remodeling jobs, etc. are capital expenditures and must be depreciated over the live of the improvement or the property itself.

Answer 3

Anything purchased for a rental property have to have added value to the property (i.e. improvements, adding on rooms, etc.) and would be included in its basis (purchase price). This amount is figured when you claim the depreciation on a Schedule C.