I rent out a house I own. What are my tax writeoffs ?

Answer 1

Pretty much any costs you incur in the rental activity. Mortgage interest, property taxes, management fees and commissions, repairs, maintenance, insurance, advertising, etc. are all deductible.

Also, you need to figure the depreciation on the house (but not the land) and deduct that as well. This is important since you must recapture any depreciation allowed or allowable when you eventually sell the property. That means that the depreciation will be recaptured even if you didn't take it.

Figure your rental income or loss on Schedule E.

Answer 2

on condition that it particularly is used "in many situations and completely for employer", you are able to deduct a fragment of the lease. as an occasion, if the domicile has 5 rooms of equivalent length, 2 of that are utilized by the relative, and 3 of that are rented by you, and additionally you utilize a million of those "in many situations and completely" for employer, and the different 2 for different applications, then you definately deduct a million/3 of the lease.