You can deduct the cost of equipment rentals used for your rental property.
Common equipment rentals include steam cleaners, power washers, landscaping tools, rental cars, and dump trucks.
There is a big difference between a rent agreement and lease agreement. Renting equipment is like renting an office building, and that’s why you can deduct the expense. Lease agreements lead to ownership, which means the cost of your purchase must be recovered through depreciation. Be sure not to make this mistake.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Deductible Equipment Rentals is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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