With more people looking to move into homes with an office to work from home these days, some taxpayers are trying their hands as landlords. While a property owner must report rental income, there are many deductions including repairs, operating expenses, and depreciation for the wear and tear of the property. Real estate rentals can be a profitable venture, but be wary of common mistakes, such as using rental property for personal use, or renting to a relative for an amount less than fair market value.
For more information on rental income and expenses, click here.
