There is a big difference between capital improvements and repairs. According to Turbo Tax, “the cost of property improvements generally must be capitalized and depreciated over several years (by following IRS depreciation tables) rather than deducted in the year paid. By …
Turbo Tax will walk you through the process of reporting your rental income to the IRS. They have a posting on Real Estate Tax and Rental Property at the previous link. They promise to “help you with deductions, depreciation, and getting …
For the snowbird who also wants to rent out their American vacation home, here are some links to tax tips. My starting point was the IRS page on Rental Income and Expenses – Real Estate Tax Tips. It provides tips on …