Yes, you may be able to deduct rental property expenses from your income taxes. Rental property expenses are generally considered business expenses, and are therefore deductible on your income tax return. Some common rental property expenses that may be deducted include mortgage interest, property taxes, insurance, repairs, and maintenance costs.
However, there are some limitations to the deductibility of rental property expenses. If the property is also used for personal purposes, such as a vacation home, the deductibility may be limited. Additionally, if the property is not being actively rented out, but is instead being held for investment purposes, the deductibility may also be limited.
To ensure that you are deducting rental property expenses appropriately, it is recommended that you consult with a licensed tax professional. They can provide guidance on the specific tax rules and limitations that apply to your situation, and help ensure that you are maximizing your deductions while staying in compliance with applicable laws and regulations.
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