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Questions and Answers
Which of the following expenses can be deducted if incurred in connection with business or rental property?
Which of the following expenses can be deducted if incurred in connection with business or rental property?
- The cost of personal property taxes
- The cost of personal repairs
- The cost of personal utilities
- The cost of mortgage insurance (correct)
What is depreciation?
What is depreciation?
- A tax deduction that allows you to recover the cost of insurance over time
- A tax deduction that allows you to recover the cost of property over time (correct)
- A tax deduction that allows you to recover the cost of repairs over time
- A tax deduction that allows you to recover the cost of property immediately
What is the limit on deducting meals and entertainment expenses incurred while conducting business or managing rental property?
What is the limit on deducting meals and entertainment expenses incurred while conducting business or managing rental property?
- 75% of the cost
- 50% of the cost (correct)
- No limit on the cost
- 100% of the cost
Which of the following expenses cannot be deducted if incurred in connection with personal property?
Which of the following expenses cannot be deducted if incurred in connection with personal property?
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Can you deduct the cost of travel expenses incurred while managing your rental property?
Can you deduct the cost of travel expenses incurred while managing your rental property?
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Study Notes
Business and Rental Property Expenses
- Expenses incurred in connection with business or rental property can be deducted.
- Depreciation is a deductible expense.
Meals and Entertainment Expenses
- The limit on deducting meals and entertainment expenses incurred while conducting business or managing rental property is 50%.
Personal Property Expenses
- Expenses incurred in connection with personal property cannot be deducted for:
- Interest
- Taxes
- Insurance
- Repairs
- Maintenance
Travel Expenses
- The cost of travel expenses incurred while managing rental property can be deducted.
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