Anonymous
Post 02/04/2014 21:35     Subject: i own a rental condo; any good ideas about how to maximize deductions?
Anonymous wrote:OP here, ok, does anyone take expenses for meals where you discuss business? that kind of thing?


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.
Anonymous
Post 02/04/2014 21:23     Subject: i own a rental condo; any good ideas about how to maximize deductions?
Anonymous wrote:OP here, ok, does anyone take expenses for meals where you discuss business? that kind of thing?


No, you cannot deduct the cost of your dinner with a friend just because you mentioned that you own a rental property.
Anonymous
Post 02/04/2014 21:22     Subject: i own a rental condo; any good ideas about how to maximize deductions?
Anonymous wrote:Do you have to claim the income? I haven't been claiming mine.


Are you kidding?
Anonymous
Post 02/04/2014 21:13     Subject: i own a rental condo; any good ideas about how to maximize deductions?
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
Post 02/04/2014 21:12     Subject: i own a rental condo; any good ideas about how to maximize deductions?
Anonymous wrote:Do you have to claim the income? I haven't been claiming mine.


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
Post 02/04/2014 20:58     Subject: i own a rental condo; any good ideas about how to maximize deductions?
Anonymous wrote:Do you have to claim the income? I haven't been claiming mine.


I've got a friend who also didn't know that. Dealing with years of back taxes and penalties now.
Anonymous
Post 02/04/2014 20:48     Subject: i own a rental condo; any good ideas about how to maximize deductions?
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
Post 02/04/2014 20:02     Subject: i own a rental condo; any good ideas about how to maximize deductions?
Anonymous wrote:Do you have to claim the income? I haven't been claiming mine.


of course you do
Anonymous
Post 02/04/2014 20:01     Subject: i own a rental condo; any good ideas about how to maximize deductions?
Do you have to claim the income? I haven't been claiming mine.
Anonymous
Post 02/04/2014 16:35     Subject: i own a rental condo; any good ideas about how to maximize deductions?
how far is the condo from your primary residence? Mileage driving to and from is a great way to up the deductions...
Anonymous
Post 02/04/2014 15:31     Subject: Re:i own a rental condo; any good ideas about how to maximize deductions?
house repairs, as well.
Anonymous
Post 02/04/2014 14:24     Subject: i own a rental condo; any good ideas about how to maximize deductions?
OP here, ok, does anyone take expenses for meals where you discuss business? that kind of thing?
Anonymous
Post 02/04/2014 14:04     Subject: i own a rental condo; any good ideas about how to maximize deductions?
depreciation
cleaning fees
cost for advertising
vehicle gas and maintenance driving to and from unit
condo fees
taxes
insurance
mortgage
Anonymous
Post 02/04/2014 13:53     Subject: i own a rental condo; any good ideas about how to maximize deductions?
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
Post 02/04/2014 13:35     Subject: i own a rental condo; any good ideas about how to maximize deductions?
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.