Taxes for Landlords, part 2: Rental Expenses

In part 1 of this series, we looked into what does and does not constitute income from a rental property. Part 2 gives a closer look at the expenses landlords occur and the common mistakes landlords often make when claiming rental expenses.

Other videos on rental property:
Rental Income:    • Taxes for Landlords, Part 1: What is Renta...  
Depreciation and Amortization:    • Taxes for landlords, part 3 - Depreciation...  
Schedule E:    • Taxes for Landlords 4:  Putting it all tog...  
Rental Loss Limitations:    • Taxes For Landlords: Rental loss limitations  
Selling Rental Property:    • Taxes for Landlords, pt. 5: Selling a Rent...  

For another look a deducting vehicle expenses, click here:    • The "Gig Economy" and your taxes  

Additional Resources and Information:

IRS Publication 527: "Residential Rental Property": https://www.irs.gov/pub/irs-pdf/p527.pdf

IRS Publication 463: "Travel, Entertainment, Gift, and Car Expenses": https://www.irs.gov/pub/irs-pdf/p463.pdf

IRS Schedule E: "Supplemental Income and Loss": https://www.irs.gov/pub/irs.pdf/f1040...

If you want to know the every day basics of how to be a landlord, web articles aren't going to help much. However, there are dozens of books on the subject available at Amazon.com, your local bookstore, or your local library.

The book I've used is: The Weekend Landlord, by Joseph A. Landon, 2006. It was in its 2nd edition when I bought it, but it may've been updated since then. It is still available through Amazon, if you're interested.

Image Attribution - Wikimedia Commons C.C.-S.A. (2.0 - 4.0)

NatGeoLover
Bidgee
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Jekader

Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Audio Library

Background and Outro Music: George Street Shuffle, Kevin McLeod, http://incompetech.com via YouTube Audio Library

DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.

The tax information in this video is based on tax law and IRS regulations in place when this video was published, and is subject to the whims of Congress.