Potential property tax deductions:
1. Interest on Your Loan: The most substantial investment property tax deduction available.
2. Property Depreciation: Often overlooked but a significant tax deduction.
3. Advertising Costs and Agent Fees: Deductible expenses incurred when finding and managing tenants.
4. Legal Expenses: Certain legal costs related to challenging tenants can also be claimed.
5. Council Rates and Utilities: Crucial deductible expenses for property upkeep.
6. Insurance: Safeguarding their property and deducting the insurance costs.
7. Repairs & Maintenance: Understanding the difference between repairs and improvements.
8. Pest Control: Expenses for professional pest control are claimable.
9. Land Tax: Specific regulations vary by state or territory; professional guidance is essential.
10. Tax Agent Fees: If they have an accountant or tax agent, their fees are deductible.
