What types of deductible expenses exist for my rental property?

Question

Accepted Answer

Operating expenses (Not covered by the tenant): These include day-to-day expenses such as property management fees, utilities, insurance, and maintenance costs.

2.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.
3.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.
4.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”.