Types of Expenses

Listed next are the most common rental expenses. Some of these expenses, as well as other less common ones, are discussed on the following slides.

• Advertising
• Auto and travel expenses
• Cleaning and maintenance
• Commissions
• Depreciation
• Insurance
• Interest (other)
• Legal and other professional fees
• Local transportation expenses
• Management fees
• Mortgage interest paid to banks, etc
• Points
• Rental payments
• Repairs
• Taxes
• Utilities

Generally, the expenses of renting your property can be deducted from your rental income. If you sometimes use your property for personal purposes, you must divide your rental expenses between rental and personal use. If you own a partial interest in a property, you can deduct expenses according to your percentage of ownership.