We own 3 rentals. We rented storage unit to store tools, painting supplies, ladders and other supplies used for our properties. Is it deductible and where do you input?
Yes, you can deduct storage costs as a rental expense as Other Expenses. When going through the expense section, you will be able to enter your own description (such as storage rent) and the amount. The data entry appears after commmon expenses, mortgage interest are entered. Continue through the interview until you arrive at Any Other Expenses screen. Please see attached picture.
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