Forex

Once you start making mortgage payments, remember that not all of the payment is deductible. Since part of each payment goes toward paying down the principal, this amount is not a deductible expense; the portion paid toward interest is deductible. Your mortgage company will send you a Form 1098 each year showing how much you've paid in interest throughout the year. This is deductible. Also, if a part of your payment includes money that goes into an escrow account to cover taxes and insurance, your mortgage company should report that to you as well.
Travel Expenses
Money you spend on travel to collect rent or maintain your rental property is deductible. However, if the purpose of the trip was for improvements, you must recover that expense as part of the improvement and its depreciation.

You have two choices on how to deduct travel expenses: the actual expenses or the standard mileage rate. You can read more about the IRS's requirements and current mileage allowance in chapter 4 of Publication 463.

Other Common Expenses
In addition to repairs and depreciation, some of the other common expenses you can deduct are:

* Insurance
* Taxes
* Lawn care
* Tax return preparation fee
* Losses from causalities (hurricane, earthquake, flood, etc.) or thefts
ondominiums and Cooperatives
If you own a rental condominium or cooperative, each has some special rules.

Condominiums
With a condominium you might pay dues or assessments to take care of commonly-owned property. This includes the building structure, lobbies, elevators and recreational areas.

When you rent out your condominium, you can deduct expenses, such as depreciation, repairs, interest and taxes that relate to the common property. However, just as with a single-family rental, you cannot deduct money spent on capital improvements, such an assessment for a cabana at the clubhouse. Instead you must depreciate your cost of any improvement over its life expectancy.

Cooperatives
Expenses you have for a cooperative apartment you rent out are deductible. This includes the maintenance fees paid to the cooperative housing corporation. Capital improvements are treated differently