To help out, we decided to give rental property owners a list of deductions that might make sense for you to save on your upcoming tax bill, but you only have until the end of the year. Now is the time to start gathering those receipts and making any other end-of-the-year expenses.
Disclaimer: Please consult with your CPA prior to making serious financial decisions before the end of the year.
1) Loan Interest/Points. If there is a mortgage on any of your properties, the interest might be your largest deductible expense.
2) Depreciation of Assets. Generally speaking, this involves the value of a structure (not land), value of improvements, and equipment.
3) Taxes. This includes any property taxes, employee taxes and permit fees/inspection fees.