• mileage • travel • meals (50%, as long as you’re having a business meeting while eating) • mortgage, unsecured loan, and credit card interest • loan origination fees or points (they’re considered kinds of interest) • utilities, trash, and recycling • property taxes • licensing fees • occupancy taxes • insurance, including liability, hazard, fire, sewer backup, flood, and loss of income • maintenance, repairs, improvements, and cleaning • advertising • commissions to real estate agents or property managers who find tenants and renew leases (this is considered part of marketing, not property management) • property management fees, salaries, and benefits (if you manage yourself and your business as a Sole Proprietorship or corporation, you may be able to be employed and have your salary be deductible) • homeowners’ association fees (HOAs), as well as whatever HOA requires, such as specific “For Rent” signs • professional and legal fees, including bookkeeping, filing taxes, and all legal work • any losses incurred up to $25,000 per year; anything over that can be carried over to the next year. Note that your tax savings will be less than you lost • self-employment taxes on rental income (i.e. Canada Pension Plan contributions) may be deductible.
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