Who reports the rental income or loss?
The person who owns the rental property has to report the rental income or loss. If you are a co-owner of the rental property, your share of the rental income or loss will depend on your share of ownership. Report the rental income the same way for each year you own that rental property. In other words, you cannot change the percentage of the rental income or loss you report each year unless the percentage of your ownership in the property changes. Expenses you can deduct Advertising Insurance Interest and financing fees Maintenance and repairs Management and administration fees Office expenses Legal, accounting, and other professional fees Property taxes Salaries, wages, and benefits Travel Utilities Interest & Financing Fees You can deduct interest on money you borrow to buy or improve your rental property. You can also deduct interest you paid to tenants on rental deposits. As well you can deduct certain fees you have when you get a mortgage or loan to buy or improve your rental pro
