What expenses can landlords deduct on their taxes?

What expenses can landlords deduct on their taxes?

Landlords can typically deduct expenses like mortgage interest, property tax, operating expenses, depreciation, and repairs.

Are there any specific limits on these deductions?

Yes, some deductions have limits. For example, repairs must be necessary and reasonable, and you can't deduct improvements as repairs.

What about travel expenses related to managing my rental properties?

You can deduct travel expenses if they are directly related to managing your rental properties, such as driving to collect rent or inspect the property.

Do I need to keep receipts for all these expenses?

Yes, it's important to keep receipts and records for all deductible expenses in case of an audit.