2010_CCH_Essentials_Chapter_09 - CCH Essentials of Federal...

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Chapter 9 Rental Activities ©2009 CCH. All Rights Reserved. 4025 West Peterson Ave. Chicago, IL 60646-6085 CCH Essentials of Federal Income Taxation
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CCH Essentials of Federal Income Taxation 2 of 15 Rental Income Rental income includes the payments taxpayers receive for allowing others to use or occupy their property. Chapter 9
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CCH Essentials of Federal Income Taxation 3 of 15 Rental Expenses Advertising Cleaning Maintenance Utilities Real estate taxes Mortgage interest Insurance premiums Management fees Necessary travel and transportation Repairs Depreciation Chapter 9
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CCH Essentials of Federal Income Taxation 4 of 15 Special Rules When Only Part of the Property Is Rented Sometimes the taxpayer rents only part of the property. When this is the case, Chapter 9 The taxpayer must allocate expenses between rental and personal use. The taxpayer then deducts the rental portion of each expense against rental income and can deduct the personal portion of the mortgage interest and real estate taxes as itemized deductions.
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CCH Essentials of Federal Income Taxation 5 of 15 Rental of Vacation Homes Property rented less than 15 days Rental income is not reported No expenses may be deducted as rent expenses Home mortgage interest, real estate taxes, and casualty losses may be deducted
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