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Frequently Asked Tax Questions

Sale or Trade of Business, Depreciation, Rentals - Personal Use of Business Property (Condo, Timeshare, etc.)

  1. I am renting a house to my son and daughter-in-law. Can I claim rental expenses?

Rev. date: 12/16/2013

I am renting a house to my son and daughter-in-law. Can I claim rental expenses?

In general, if you receive income from the rental of a dwelling unit, such as a house, apartment, or duplex, there are certain expenses you may deduct.
Besides knowing which expenses may be deductible, it is important to understand potential limitations on the amounts of rental expenses that may be deducted in a tax year.
There are several types of limitations that may apply.
Not for profit activities:
Rental of a dwelling unit (for profit):
Passive Activity losses:
At risk rules:
The at-risk rules limit your losses from most activities to your amount at risk in the activity.