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The IRS allows landlords to deduct ordinary and necessary rental expenses including mortgage interest, property taxes, insurance, repairs, maintenance, utilities, property management fees, advertising, travel, and depreciation. The checklist covers 17 of the most-overlooked categories.
Repairs (fixing a leak, repainting one room) are deductible in the year incurred. Improvements (new roof, new HVAC, kitchen remodel) must be capitalized and depreciated over multiple years. Misclassifying a capital improvement as a repair is a common audit trigger.
Yes — trips for property inspections, showings, repairs, or coordinating contractors are deductible at the IRS standard mileage rate, provided you keep a log of date, miles, and purpose.
No. The checklist is an educational reference for organizing your records. Always review with a qualified tax professional or CPA before filing — laws change yearly and your situation may have specifics this list doesn't cover.