What If I Did Not Depreciate My Rental Property?
This usually happens when you didn’t claim depreciation in prior years, or you claimed more or less than the “allowable” depreciation. Instead of filing an ammended return, you should correct the tax form from the year you forgot to depreciate.
Are there any expenses that can be deducted from rental income?
Some expenses are deductible from your taxable rental income on Schedule E. These include property taxes, mortgage interest, repairs, expenses to maintain and clean the property, and fees you pay to a management company to handle day-to-day operations of your rental property.
