Are Appliances Tax Deductible
February 27th, 2010Question: Can I deduct the mortgage, maintenance etc. on a rental?
I own a florida condo. I would lilke to rent it out approx. 6-8 months a year. What kind of deductions can I expect? For example can I deduct the price of cleaning fixing and painting after the tenent moves? How about the reimbursement for upgrades, a new appliance etc.? Is any of the taxes or mortgage deductible?
Answer: You can deduct all expenses directly related to your rental property, even if it is not being rented. It must be available for rent tho. So if one moves out, any expenses you incur in getting it ready for the next one are deductible, which include cleaning, repairs, rental agency fees. The mortgage interest, RE taxes and insurance too. The appliances can be dedcutible at 100% (Sec 179) but will depend on your income. Otherwise you will need to depreciate in over time. The cost of the property can also be depreciated over 27.5 years. Most tax computer programs can help you with these calculations.
One issue will be what you do with the property the other months that you are not renting it out. If you are living there, then your rental property will have limitations. Consult a tax accountant for more details.
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