Solved
Can i write off expenses for a rental property?
Does it depend on my income?
Yes. Common rental expenses include depreciation (based on your purchase price), real estate taxes, mortgage interest, maintenance, and repairs.
These expenses will always offset your rental income; however, if the result is a loss, it will be disallowed if your total income from all sources is over $150k. Instead, those losses become Passive Activity Losses and are carried forward for use in future years or when you sell.
To enter your rental income and expenses, including depreciation, go to:
Federal Taxes, then
Wages & Income
Scroll down to Rental Property & Royalties
After the general questions about the property, enter rental income. At the summary screen, scroll down and select Add Expenses
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