Renting out your parking spot
Varies
Can You Write Off Renting Out Your Parking Spot?
Short answer: Yes, it's taxable: income from renting a driveway or parking space is reportable, and you can deduct related costs like the spot's share of HOA fees.
Pub 527 treats anything you receive for the use of the property, in cash or in kind, as rental income in the year you get it.
Records to keep: Keep leases, receipts, a log of repairs vs improvements, mileage to the property, and closing statements.
Renting out your parking spot
Varies
Real Estate / Landlords / Property Managers / Agents
Yes, it's taxable: income from renting a driveway or parking space is reportable, and you can deduct related costs like the spot's share of HOA fees.
Business justification
Yes, it's taxable: income from renting a driveway or parking space is reportable, and you can deduct related costs like the spot's share of HOA fees. Pub 527 treats anything you receive for the use of the property, in cash or in kind, as rental income in the year you get it.
Category
- Rental Property Write-Offs