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Tax Deductions for Rental Property

Tax Deductions for Rental Property Depreciation

When you rent property to others, you must report the rent as income on your taxes. But you can deduct, or subtract, your rental expenses — the money you spent in your role as the person renting out the property — from that rental income, reducing your tax obligation. Many expenses can be deducted in the year you spend the money, but depreciation is different.

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Posted by: Blair Hart on January 23, 2017