Not sure what your rental can deduct?
Rental Property Tax Returns in Clearwater
Owning a rental should build wealth, not tax headaches. Iris prepares Schedule E for Clearwater landlords, tracks depreciation year after year, and explains how long-term and vacation rentals are treated. Call 678-614-4636.
Hablamos español. Monday to Saturday, 8 to 6.
What landlords often get wrong
- Skipping depreciation. Residential rental buildings are depreciated over 27.5 years. If you never claimed it, the IRS still treats it as taken when you sell. Iris can correct missed depreciation.
- Repairs versus improvements. Fixing a leak is deducted this year. A new roof is depreciated. Hurricane repairs and insurance payouts need careful handling.
- Personal use. If you or family use the rental, expenses are split between personal and rental days.
- Short-term rental taxes. Florida charges sales tax on rentals of six months or less, and Pinellas County adds a tourist development tax collected through the county tax collector. Platforms may collect some of this for you, but not always.
- Passive loss limits. Rental losses may be limited depending on your income and how involved you are. Unused losses carry forward.
A typical example
An illustrative example, not a client testimonial. A retired teacher in Largo rents out the other half of her duplex. She has never claimed depreciation because her late husband handled the taxes.
Iris reviews the closing statement from 2011, sets up the depreciation schedule, and explains the options for correcting the missed years. She also separates the hurricane repair costs from the insurance payment so both are reported correctly. The return now carries a schedule that will be right every year going forward.
Records to bring
- Rent collected and any security deposits kept
- Mortgage interest statement (Form 1098) and property tax bill
- Insurance, HOA, utilities, management fees, repairs and supplies
- Closing statement from when you bought the property
- Prior-year depreciation schedule
- Platform statements from Airbnb or Vrbo if you rent short-term
How the appointment works
- Call 678-614-4636 and tell Iris what kind of return you have. She'll tell you what to gather and quote the price.
- Iris comes to your home or business, reviews your documents with you and asks about anything that changed this year.
- She prepares the return, walks you through the result, and e-files after you approve and sign. You keep a copy.
What it costs
Rental returns are priced per property: [rental property price]. The first year costs more if depreciation has to be set up or corrected. You get the quote before Iris starts.
Iris's promises to you
Inviting someone into your home or business takes trust. Here is what Iris promises every client:
- You know the price before she starts. No surprise fees at the end.
- Your documents never leave your sight. She scans what she needs at your table, works on an encrypted laptop and hands your originals back before she leaves.
- Every line is explained in your language. Plain English or Spanish, so you know exactly what you signed.
- No waiting room, ever. She comes to your home or business at the time you choose, Monday to Saturday from 8 to 6.
- If the IRS writes later, she reads it with you. The same woman-owned business that did the work answers the follow-up.
Mobile service across Pinellas County
Iris is based in Clearwater, from Countryside and Island Estates to downtown and Clearwater Beach, and drives to clients across Pinellas County:
- Clearwater
- Largo
- St. Petersburg
- Pinellas Park
- Seminole
- Dunedin
- Palm Harbor
- Tarpon Springs
- Safety Harbor
- Oldsmar
- Gulfport
- Belleair
- Indian Rocks Beach
- Madeira Beach
- Treasure Island
- St. Pete Beach
She also serves nearby parts of Pasco and Hillsborough counties when her schedule allows. Appointments can be at your home, your business, or a hospital or care community. Family out of state can book a visit for a parent and join by phone.
Questions people ask before they call
Do I report rent from a room I rent in my own home?
Yes. Rent is income, and you can deduct the share of expenses that applies to the rented space.
My rental was damaged in a hurricane. How is that handled?
Repairs, insurance payments and any casualty loss are reported differently depending on the amounts. Iris walks through it with your insurance paperwork.
What happens when I sell the rental?
You may owe tax on the gain and on depreciation taken. Iris can estimate it before you list the property.
Do you file the Florida sales tax for my vacation rental?
Iris can prepare Florida sales tax returns as part of bookkeeping and show you how the county tourist tax is reported.
Can you fix past returns that missed depreciation?
Often, yes, either by amending recent returns or with a change in accounting method. Iris reviews which approach fits.
Can I deduct travel to my rental?
Ordinary and necessary travel to manage or repair the property can be deductible. Keep a log of dates, miles and purpose.