Income Tax Rental what can be deduct

Expenses which are allowed deduction from rental income are the direct expenses that are wholly and exclusively incurred in the production of the rental income.
Examples of such expenses are as follows assessment and quit rent, interest on loan and fire insurance premium, expenses on rent collection, expenses on rent renewal, expenses on repair and service charges. However, only expenses incurred after the new apartment has been rented out are deductible from the rental income. Initial expenses are not deductible. Examples of initial expenses are the cost incurred to obtain the first tenant, such as advertising cost, legal cost to prepare rental agreement, stamp duty and commission for real property agent.

Facebook Comments
SEO Powered By SEOPressor