When you're renting out property, it's important to keep up with your tax deductions! Here are a few key things to remember:

Home office deduction

If you use a portion of your home exclusively for business purposes, you may be able to claim a home office deduction. This can include the cost of painting or repairing the space, as well as depreciation on the property.

Mortgage interest deduction

If you're paying off a mortgage on your rental property, you may be able to deduct the interest payments on your taxes.

Renters insurance

Make sure you have renters insurance in place to protect your property in case of damage or theft.

Property taxes

You can also deduct the amount of property taxes that you pay on your rental property.

By keeping these tips in mind, you can make sure that you're claiming all of the tax deductions available to you!

Like me, you're probably always looking for ways to save money. And during tax season, that search intensifies. Fortunately, if you own rental property, there are a number of deductions you can take advantage of to decrease your tax liability. Here are some of the top rental property tax deductions:

Mortgage interest

One of the rental property tax deductions you can take advantage of is the mortgage interest deduction. This allows you to deduct the interest you've paid on your mortgage from your taxes.

Depreciation

Another deduction you can take is for depreciation. Depreciation is a measure of how much the value of your property has decreased over time due to wear and tear.

Repairs and maintenance

You can also deduct any repairs or maintenance expenses you've incurred during the year. This includes things like painting, fixing leaks, and replacing appliances.

Insurance premiums

Another deduction you can take is for insurance premiums. If you've paid insurance premiums on your rental property during the year, you can deduct those expenses from your taxes.

Advertising expenses

Finally, you can also deduct any advertising expenses you've incurred while trying to rent out your property. This includes things like online ads, flyers, and newspaper listings.

Wrap up!

If you own rental property, there are a number of deductions you can take advantage of to save money on your taxes. These include deductions for mortgage interest, depreciation, repairs and maintenance, insurance premiums, and advertising expenses. So be sure to keep track of these expenses throughout the year so you can maximize your savings come tax time!