When you own rental property you are essentially running a small business. Here are 10 primary tax deductions for rental property owners that you can use to reduce your rental income for income tax purposes.
1. Mortgage Interest
Just as you would report your mortgage interest on your primary residence on Scheduled A of your income tax return, you can do the same with mortgage interest from rental property. However the interest deduction is reported instead on Schedule E, Supplemental Income and Loss, where the interest is fully deductible against rental income.
2. Real Estate Taxes
Read more...Top 10 Tax Deductions for Rental Property Owners via Moolanomy.com