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Is rental property insurance tax deductible?

Is rental property insurance tax deductible?

Yes, rental property insurance is tax deductible. The IRS treats insurance as one of the routine costs of running a rental, with no cap and no phase-out. Every dollar you pay to insure a rental property is a deductible business expense: fire, liability, flood, earthquake riders, umbrella policies, and loss-of-rents coverage all qualify. The deduction goes on Line 9 of Schedule E. Two rules related to rental property insurance often catch landlords off guard: * the prepaid premium r

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Is Your Rental Property Actually Healthy? A Framework for Knowing
Real Estate Investing

Is Your Rental Property Actually Healthy? A Framework for Knowing

For the first two years of owning rental properties, my monthly review was a single question: did the rent come in? If yes, I moved on. If no, I made a phone call. That was the whole system for tracking rental property performance. I thought I was running a tight operation. Then I did a proper year-end accounting on one property and discovered it had generated about $600 in net cash flow over twelve months. After the furnace tune-up, the move-out repair, the month of vacancy, and the

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Is pest control tax deductible for rental property?
Tax Deductions

Is pest control tax deductible for rental property?

Yes, pest control is tax deductible on a rental property — as long as the expense is for the rental unit, not your personal residence. The IRS treats pest control as an ordinary and necessary maintenance expense, and you deduct it in full in the year you pay for it. What the IRS rule actually says The IRS allows landlords to deduct all ordinary and necessary expenses required to maintain their rental property. Pest control fits squarely in the maintenance and repairs category on Sch

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