If you've purchased property to use in your business, you can deduct a portion of your costs by claiming a depreciation deduction and reporting it on IRS Form 4562.
Income from rental property or property sales Credits, deductions and income reported on other forms or schedules * More important offer details and disclosuresAbout Compare TurboTax Tax Products TurboTax Online 2024-2025 TurboTax online guarantees IRS Forms Self-employed tax center Tax Re...
BanksPhotos/istockphoto 11. Deduct Improvements to Rental Property The IRS has no problem with you deducting mortgage interest, property tax, operating expenses, depreciation, and repairs made to a rental property. But if you're sprucing the place up or upgrading appliances and you deduct those ...
Income from rental property or property sales Credits, deductions and income reported on other forms or schedules * More important offer details and disclosuresAbout Compare TurboTax Tax Products All online tax preparation software TurboTax online guarantees IRS Forms Self-employed tax center Tax Refund...