Business Name

Email

Tax Year

Real Estate Taxes

Taxes levied by the government on the property.

$

Mortgage Interest

Interest paid on the mortgage loan used to purchase the property.

$

Repairs and Maintenance

Costs associated with upkeep and repairs that are not capital improvements (lasting and extensive upgrades). Examples include fixing leaky faucets, replacing broken windows, or painting touch-ups.

$

Depreciation

The gradual decrease in the property's value over time is claimed as an expense.

$

Other Expenses

Various costs incurred in managing the rental property

Property Management Fees

Fees are paid to a company to handle the daily operations of the property.

$

Advertising for Tenants

Costs associated with marketing the property to find new tenants.

$

Insurance (Property and Liability)

Protects against damage to the property and potential lawsuits.

$

Utilities paid by Landlord

Utilities covered by the landlord rather than the tenant (e.g., water, trash).

$

HOA Fees

Fees paid to a homeowners' association for maintaining common areas in a community.

$

Trash Removal

Costs associated with waste disposal for the rental property.

$

Legal and Accounting Fees

Fees related to legal and accounting services specific to the rental property.

$

Direct Costs

Expenses directly related to travel for managing the property, including

Travel Expenses

Transportation costs (e.g., gas, tolls) for trips related to the rental property.

$

Cost of Meals

Meals consumed during travel for managing the property, following IRS guidelines.

$

Meals and Snacks

A per diem rate for meals purchased while on long trips

$

Indirect Costs

Expenses partially used for managing the property, with specific tests for deductibility

Home Office Expenses

A portion of home office expenses if a dedicated space is used solely for managing the property and meets IRS requirements.

$

Telephone and Internet Expenses

A portion of phone and internet bills if a portion is used specifically for managing the rental property.

$

Business Expenses

(Rental/Real Estate Income)

AE Financial Services

Contact

Follow