Renting your U.S. property

Renting property in the U.S. may be quite different from renting property where you live. While your rental agent can handle the property management and rental details for you, you'll also want to work with an experienced U.S. tax accountant who can prepare your U.S. tax return for you. You should learn about depreciation and allowable deductions in the U.S. so you don't end up paying more tax than you need to. Some points to consider:

• In the U.S. it's mandatory to claim depreciation on rental property.
• Allowable deductions can include mortgage interest, condo or homeowners' association fees and dues, insurance, real estate tax, phone calls related to property management, trash removal, cleaning and basic maintenance.
• If you use the property more than 14 days in a calendar year, deductions are prorated, based on usage.