Operating Expenses

• Posted on July 8, 2008
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Long Island CPA Firm Offering Tax and Financial Advice

• Advertising
• Cleaning & maintenance
• Bank charges – if a separate account is maintained.
• Insurance – fire, casualty and liability
• Utilities – gas, electricity, water, cable, etc.
• Services (1) – yard care, pool service, pest control, etc.
• Rental commissions
• Property management fees
• Mortgage interest – on debt to acquire or improve the rental.
• Property taxes
• Repairs – see repairs vs. improvements later.
• Local transportation expenses
• Homeowners or association dues
• Tax return preparation fees
• Depreciation allowance – see depreciation later.

(1)If any individual or company providing these services is paid $600 or more during the year, you are required to issue them a 1099MISC.