i own a rental condo; any good ideas about how to maximize deductions?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
I have a rental condo that has required very little of me (knock on wood, i know) this year. I'd like to maximize my deductions -- I'm looking for ideas on what people claim as deductions against their rental property. Thanks.
|
Anonymous
| Either you have them or you don't. Only thing I know of is to make a big interest payment befor 12/31, but that is only if you have a loan with deferred interest and more than likely you don't have one of those. Make sure you account for all the deductions that you do have. |
Anonymous
|
depreciation
cleaning fees cost for advertising vehicle gas and maintenance driving to and from unit condo fees taxes insurance mortgage |
Anonymous
| OP here, ok, does anyone take expenses for meals where you discuss business? that kind of thing? |
Anonymous
| house repairs, as well. |
Anonymous
| how far is the condo from your primary residence? Mileage driving to and from is a great way to up the deductions... |
Anonymous
| Do you have to claim the income? I haven't been claiming mine. |
Anonymous
of course you do 
|
Anonymous
| Wait so you are writing off questionable expenses and ignoring the income? Yes, that is illegal. Before, since you could conceivably claim you didn't know, it exposed you to civil liability. Now that you have been told it is illegal, you can be held criminally liable. So stop. |
Anonymous
I've got a friend who also didn't know that. Dealing with years of back taxes and penalties now. |
Anonymous
Welcome to schedule E and Form 4562 http://www.irs.gov/pub/irs-pdf/i1040se.pdf http://www.irs.gov/pub/irs-pdf/f4562.pdf I truly hope this is a joke post, if not, see PP about back taxes and penalties. |
Anonymous
| I assume you are charging yourself a management fee for your time devoted to managing the property. Perfectly allowable expense. 5-6% of gross rental income won't raise eyebrows. |
Anonymous
Are you kidding? |
Anonymous
No, you cannot deduct the cost of your dinner with a friend just because you mentioned that you own a rental property. |
Anonymous
Can't imagine in what context that would legitimately come up. Dinner with your tenant? Dinner with your realtor? Unless you own a flotilla of condos with other investors in which case you've probably set it up as an LLC or REIT anyway. |