Fruit Test 2
All travel expenses for purposes of seeing your tenant, getting tenants, finding agents for help in renting, for looking into property maintenance, getting repairs done and so on are subject to tax deductions. These are all expenses that you have incurred for getting rental income from your property, property upkeep and letting out property and you can use them for cutting down tax expenses.
When you take a loan to buy property, you would be spending a considerable amount of money in repaying the loan. You would be paying a monthly installment payment for the loan and an interest amount. You might also be incurring expenses in the form of mortgage insurance premiums. Such expenses can be used for tax deductions.
In time with wear and tear, you would have to do repairs to fix problems in your various home areas, such as the kitchen or bathroom and so on. All expenses incurred in the year of paying taxes can be used for deductions. However, you can take this option provided your tenant did not pay for it.
