Page 78

Official source

DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI INCOME SOURCES 07/19 CHAPTER I, PAGE 69

54.1.3. Deductible Expenses Ordinary and necessary expenses are those necessary for the production or collection of rental income. Deductible expenses include: • Interest on debts; • State and local taxes on real and personal property and on motor fuel; • General sales taxes; • Expenses of managing or maintaining property; • Interest and escrow portions of a mortgage payment (at the point the payment is made to the mortgage holder); • Real estate insurance; • Repairs (i.e., minor correction to an existing structure); • Property taxes; • Lawn care; • Snow removal; • Advertising for tenants; and • Utilities. 54.1.3.1. When to Deduct Expenses Deduct expenses when paid, not when incurred. 54.1.3.2. Interest • Use an individual's amortization schedule to determine interest expenses. • If a schedule is not available, divide the yearly interest by twelve to determine monthly interest.

loading…

Page 78

Official source

DEPARTMENT FOR AGING AND REHABILITATIVE SERVICES AUXILIARY GRANT PROGRAM NON-SSI INCOME SOURCES 07/19 CHAPTER I, PAGE 69

54.1.3. Deductible Expenses Ordinary and necessary expenses are those necessary for the production or collection of rental income. Deductible expenses include: • Interest on debts; • State and local taxes on real and personal property and on motor fuel; • General sales taxes; • Expenses of managing or maintaining property; • Interest and escrow portions of a mortgage payment (at the point the payment is made to the mortgage holder); • Real estate insurance; • Repairs (i.e., minor correction to an existing structure); • Property taxes; • Lawn care; • Snow removal; • Advertising for tenants; and • Utilities. 54.1.3.1. When to Deduct Expenses Deduct expenses when paid, not when incurred. 54.1.3.2. Interest • Use an individual's amortization schedule to determine interest expenses. • If a schedule is not available, divide the yearly interest by twelve to determine monthly interest.