If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill.
Rental Real Estate: Determining if a Property is a Business or an Investment
Tag: Section 162
What Type of Expenses can you Write Off?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can write off office supplies and certain other expenses.