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That day is quickly approaching, so its good to know that Tax Day is Apr.
15, 2025, which is just round the corner.
Heres a look at the most common tax deductions you might takeif you have rental income.
What Is Rental Income?
This is because your loss may be limited if your losses exceed your rental income, per IRS rules.
Regardless, youll have to know whats considered rental income to correctly file your taxes.
However, you may be able to claim back your improvement expenses over time through the depreciation deduction.
This is true even if your rental income comes from a trade or business activity per IRS definitions.
The main exception is if you also provide extensive services to your renters, such as maid service.
Use Form 4562 to calculate how much depreciation you should enter on line 18.
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