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Author: ibarz Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Rental Prop. Interest, Insurance, Taxes Date: 4/7/2007 9:50 PM
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Are these all deductible expenses? I have a rental that earned/cost the following 2006 (rounded off):

Rental Income: $12000
Mortgage Interest: $5600
Taxes: $2600
Insurance: $1800
Maintenance: $2400

Depreciation: $3800

In TaxCut only rental income, interest mortgage, depreciation, maintenance was asked.

Where does the insurance costs and taxes go (in the deduction section?) ?

Thanks.

ibarz
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Author: NaggingFool Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 93759 of 121061
Subject: Re: Rental Prop. Interest, Insurance, Taxes Date: 4/7/2007 10:35 PM
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Can't help you with Tax Cut, can help you with the tax info.

You need to take a look at Schedule E and fill it out.

Taxes and maintenance have their own lines on schedule E, I don't remember which they are off the top of my head.

You may also want to read the IRS publication on rental property.

Also if you're just putting this rental property into service in 2006 you'll need an additional form to start the depreciation stuff.

Good luck!

- Megan

PS - and what were you doing for maintenance that cost so much? Is some of that actually repairs?

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Author: NaggingFool Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 93760 of 121061
Subject: Re: Rental Prop. Interest, Insurance, Taxes Date: 4/7/2007 10:36 PM
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I wrote:
Taxes and maintenance have their own lines on schedule E, I don't remember which they are off the top of my head.


I meant "Taxes and insurance". Just look at a Schedule E, that should make it clear.

- Megan


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Author: ibarz Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 93762 of 121061
Subject: Re: Rental Prop. Interest, Insurance, Taxes Date: 4/8/2007 3:22 AM
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thanks, I'll look at the form schdule E on the software.

yes the maintenance/operating cost actually reached that much since I have a property management co. handling it (they always costs more) .. oh well....



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Author: SanDiegoDave100 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 93862 of 121061
Subject: Re: Rental Prop. Interest, Insurance, Taxes Date: 4/10/2007 1:36 PM
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I've been using Turbo Tax for 10 years, with several rentals, college education, medical expenses, you name it, and they have always done it right. I don't know if you thought you'd save a little money with TaxCut, but it appears that they may end up costing you a lot more than you saved. TT will walk you right through all the deductible items for your rentals, including vehicle expenses.

Dave

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