Help CenterA deductible expense is any expense that is both:
- Ordinary. Common and accepted in your line of work, and
- Necessary. Helpful and appropriate for work.
An expense need not be required in order to be considered necessary. Facts and circumstances must be considered in each case to determine whether an expense is ordinary and necessary.
Depreciation
Depreciation deductions begin when property is ready and available for rent.
Continue reading: Rental Income and Expenses 2021