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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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Can I write off expenses related to land only rentals

Resolved Question:

Can I write off expenses related to land only rentals? I own the land and allow others to use to live on
Submitted: 9 years ago.
Category: Tax
Expert:  Lev replied 9 years ago.

As you have income from the rental activity - both income and expenses should be reported on the schedule E - http://www.irs.gov/pub/irs-pdf/f1040se.pdf - so - yes - you may deduct your qualified rental expenses.

Your net income/loss will be reported on the form 1040 line 17 - http://www.irs.gov/pub/irs-pdf/f1040.pdf

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