A condo owner who is planning to rent out their property asks if they can write off the expenses for a storage unit where they will store their personal belongings. The answer advises against deducting personal expenses and explains what expenses can be deducted for managing a rental property.
Dear Liz: I am the sole owner of a condo. I am getting ready to realize a dream of mine by traveling around the world. I will be gone indefinitely. Thus, I am thinking about renting out my condo. I know I get a write-off for repairs on the unit, cleaning supplies, etc. What about the storage unit where I will need to store my things from my unit.
Can I write off the storage unit? Answer: Congratulations on your upcoming adventure! You’ll have excitement enough without defending yourself in an IRS audit, so avoid deducting personal expenses such as a storage unit. The IRS says you can deduct the “ordinary and necessary” expenses for managing and maintaining a rental property. That includes mortgage interest, taxes, operating expenses, depreciation and repair
Condo Rental Property Storage Unit Write-Off Personal Expenses IRS Audit Managing Expenses Mortgage Interest Taxes Operating Expenses Depreciation Repairs
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