Own Rental Property? Here Are Some Tax Deductions

Own Rental Property? Here Are Some Tax Deductions
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Anne Johnson
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During inflationary times, real estate can act like a hedge against inflation. It can also provide some stability if a recession turns to stagnation. But remember, even when inflation is roaring, people still need housing.

It’s common knowledge that a mortgage’s interest can be deducted on a primary residence. But what about rental property? What tax deductions are available? Here are the top 10 tax rental property deductions that you can take.

1. Depreciate Personal Property

A rental property owner can save by depreciating personal property. This is allowed based on the property’s wear, tear, deterioration, or obsolescence. But this is limited to a set number of years.
Anne Johnson
Anne Johnson
Author
Anne Johnson was a commercial property & casualty insurance agent for nine years. She was also licensed in health and life insurance. Anne went on to own an advertising agency where she worked with businesses. She has been writing about personal finance for ten years.
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