What types of deductible expenses exist for my rental property?
Operating expenses (Not covered by the tenant): These include day-to-day expenses such as property management fees, utilities, insurance, and maintenance costs.
Renovation costs: Any expenses incurred for renovating the rental property can be deducted. This may include repairs, upgrades, or improvements to enhance the property's value or functionality.
Amortization of property value: You can also deduct the amortization of the property value, which spreads out the cost of the property over its useful life.
Mortgage interest: Deduct the interest on your mortgage for the rental property.
All the possible deductible expenses can be found in your taxx.lu account in section “Rental income”.
Renovation costs: Any expenses incurred for renovating the rental property can be deducted. This may include repairs, upgrades, or improvements to enhance the property's value or functionality.
Amortization of property value: You can also deduct the amortization of the property value, which spreads out the cost of the property over its useful life.
Mortgage interest: Deduct the interest on your mortgage for the rental property.
All the possible deductible expenses can be found in your taxx.lu account in section “Rental income”.
Updated on: 13/02/2024
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