Did you know…
You can claim current expenses such as property taxes, painting or ongoing maintenance as deductions on your tax returns when it comes to rental properties.
When claiming current expenses, you can write them off as a percentage of the space you are renting.
For example, if you are renting two rooms of your five-bedroom house, you could claim 40% of those expenses, as the rental spaces add up to 40% of your home.
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