Let's not forget any of those investment expenses that we have when owning rentals. One of the biggest things people forget about is their mileage. You can deduct the mileage you drive while conducting business for your rentals. It could be while going to collect rent payments, going to do repairs, going to the hardware store to get supplies, going to show properties to prospective renters. You can take the actual costs or the standard mileage rate. It is easier to keep records of your mileage and use the standard mileage rate. You must keep accurate records either way. Get a planner and write in it every trip you make for your rental property. Include: miles traveled, date, where to and why. Also, need to show total miles driven for the entire year(business and personal). If you are ever audited, one thing they will ask for is a receipt showing beginning and ending mileage. If you can, get an oil change in Jan and Dec. to help substaniate yearly miles.