Income Tax Deductions for Your Home Business



2019 INCOME for Your Rental Property

Rental Income Received From Renters $________

Rental Income Received on 1099 $______

(Need Copy)

Tax Deductions for Rental Property

(Copy one for each month and store in envelopes;

then copy one for end of year and complete)

EXPENSES (save all receipts)

Advertising $

Cleaning and

Maintenance $

Commissions $

Insurance $

Legal and other professional

fees $____________

Management fees $_____________

Mortgage interest $

Repairs $

Supplies $

Real estate taxes $

Military one time travel

Total miles round trip ____________

Loadging $____________

Meals $

Airfare $

Rental vehicle $_____________

RENATL PROPERTY PURCHASE PRICE

Provide settlement statement for summary of buyers and sellers

DEDUCTIONS FOR HOME OFFICE

Mortgage Interest $____________

Property Taxes $____________

Renters Insurance $____________

Mortgage Insurance $_____________

Repairs\Maintenance $_____________

Utilities $_____________

Electric $_____________

Gas $_____________

Water $_____________

Trash $_____________

Cost of Home $_____________

Other $____________

Other $____________

Other $_____________

)

|AUTO EXPENSES |

|ASSUMING YOU ARE TAKING STANDARD MILEAGE DEDUCTION, THEN THE |

|FOLLOWING INFORMATION IS NEEDED |

| |Vehicle 1 | |Vehicle 2 |

|Begging Miles Jan 1 |_______ | |_______ |

|Ending Miles Dec 31 |_______ | |_______ |

|Total Miles Driven Year |_______ | |_______ |

|Total Business Miles Year |_______ | |_______ |

|Total Loan Interest Year |_______ | |_______ |

| |

|IF YOU ARE TAKING ACTUAL EXPENDITURES, THE FOLLOWING ADDITIONAL |

|INFORMATION IS NEEDED |

|Cost of automobile |_______ | |_______ |

|Actual cash down payment |_______ | |_______ |

|Sales tax paid |_______ | |_______ |

|Gas/oil, etc |_______ | |_______ |

|Insurance |_______ | |_______ |

|Car wash |_______ | |_______ |

|License |_______ | |_______ |

|Lease payments |_______ | |_______ |

|Miscellaneous expenses |_______ | |_______ |

|Repairs |_______ | |_______ |

|Total: |_______ |Total: |_______ |

|For Cost of Property Purchased roperty purchasedS |

Provide settlement statement of buyers and sellers transaction received at closing

Provide settlement statement for summary of buye

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