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Chapter Introduction

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rental property tax deductionsBy Jason Watson, CPA
Posted Tuesday, August 27, 2024

Ahh… the good stuff. Yes, you work hard. Yes, you want to be able to get a little extra from your rental property and real estate investment business. Yes, you want this to be tax-advantaged. We get it. This chapter will discuss the 185 tax deductions you cannot take (not really), explain how to position yourself on allowable rental property tax deductions, and then get into hot topics such as automobiles, travel, home offices, repairs, Cohan rule and other fun things.

This chapter’s underpinnings come from our book titled Taxpayer’s Comprehensive Guide to LLCs and S Corps aimed at small business owners. However, we sprinkle in real estate specific things here and there. Additionally, please keep in mind that we encourage rental property owners to view their activities as a business and not just an investment. We will discuss the technical difference between investment activities and business activities in a bit.

If you are real estate broker or agent, property manager or fix and flipper, and have earned income outside of rental properties and real estate investments, this chapter will feel truncated. Please visit our companion book above for nauseating details on general small business tax deductions and tax efficiency strategies.

The rental property tax deductions chapter is long, but it might be the most sought after.

Jason Watson, CPA, is a Senior Partner of WCG CPAs & Advisors, a boutique yet progressive tax,
accounting and business consultation firm located in Colorado serving real estate investors worldwide.

Jason Watson CPA LinkedIn     Jason Watson CPA Email

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I Just Got A Rental, What Do I Do? 2024-2025 Edition

This KB article is an excerpt from our 320+ page book (some picture pages, but no scatch and sniff) which was released September 30, 2024, and is available in paperback from Amazon, as an eBook for Kindle and as a PDF from ClickBank. We used to publish with iTunes and Nook, but keeping up with two different formats was brutal. You can cruise through these KB articles online, click on the fancy buttons below or visit our webpage which provides more information.

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