how to file tax return on rental property

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GenchyMcFly 3 months 1 Answer 186 views 0

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    To file a tax return on a rental property, you should use Schedule E to report income and expenses. This is the federal tax schedule. The IRS treats a rental property in a similar way to a business. You need to keep track of and report all income that you receive as well as any expenses that are incurred. Here is a checklist of common expenses that you can report:

    Advertising
    Auto Expense
    Cleaning and Maintenance
    Insurance
    Legal Fees
    Management Fees
    Mortgage Interest
    Other Interest
    Repairs
    Supplies
    Taxes
    Utilities
    HOA Fees
    Pest Control
    Yard Care/Snow Removal
    Depreciation Expense

    https://www.irs.gov/businesses/small-businesses-self-employed/tips-on-rental-real-estate-income-deductions-and-recordkeeping

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