Can You Deduct Rental Expenses With No Rental Income?

Answer The IRS imposes various rules that determine whether you can claim a deduction for rental expenses when you have no rental income, or when the expenses exceed your rental income. Before you claim e... Read More »

Top Q&A For: Can You Deduct Rental Expenses With No Rental I...

Can I take my rental car expenses off my income tax for house hunting?

According to the IRS website, the expenses of renting a car can not be taken out of your income taxes for house hunting. The IRS website does not mention possible deductions related to house huntin... Read More »

How to Expense Real Estate Depreciation With No Rental Income?

You may claim a depreciation expense for your rental property in a year you have no rental income if you plan on keeping the property as a rental income producing asset. You must depreciate your re... Read More »

Can you deduct mortgage interest on rental property?

You can deduct the interest paid on rental property mortgages, but not the fees to obtain the mortgage or any improvements you make on the property. The mortgage comapny will send you the amount yo... Read More »

Can i deduct expenses for my horses on federal income tax?

You can deduct expenses for your horses on your federal tax return, but only if they are business-related, such as losses from breeding, according to Robert Wood of Forbes. However, make sure your ... Read More »