A few tax season tips for property owners in St. Petersburg.
Tax season is coming fast. If you own rental property in St. Petersburg, you’re likely already looking at a growing pile of receipts and wondering what actually counts as a write-off.
At Tourtelot Property Management, we see it every year. A landlord walks in with a shoe box of Home Depot receipts from a kitchen refresh in Kenwood or a plumbing emergency in Old Northeast, asking if it’s all deductible. The answer is usually yes, but the "how" and "when" matter. With costs rising across Florida, missing even a small deduction means leaving your own money on the table.
What are the most common rental property deductions in Florida?
The most common rental property deductions for Florida landlords include mortgage interest, property taxes, insurance premiums, maintenance, repairs, and professional fees like property management. These expenses are generally considered "ordinary and necessary" by the IRS for managing and maintaining your investment.
Is a repair different from an improvement for tax purposes?
Yes, a repair is a deductible expense that keeps your property in good working condition, while an improvement is a capital expenditure that must be depreciated over several years. Think of it this way: fixing a leaky pipe at a rental in Coquina Key is a repair. You can write that off immediately.
Replacing the entire HVAC system or installing a new roof is an improvement. It adds value or extends the life of the home. Mixing these two up is a common mistake that can lead to issues with the IRS, so keep those receipts separate.
Can I deduct property management fees in St. Petersburg?
Yes, professional fees paid to a St. Petersburg property management company like Tourtelot Property Management are fully deductible as a business expense. The IRS views these costs, along with fees for accountants, attorneys, and even tenant screening, as essential parts of running a rental business.
This is a huge perk for our clients; they get professional oversight of their assets, and the cost of that service actually helps lower their taxable income.
Which maintenance costs do St. Pete landlords often overlook?
Beyond the big-ticket items, many small, recurring expenses are frequently missed during tax prep. These "hidden" deductions add up:
Pest Control: Monthly or quarterly sprays are standard in Florida.
Landscaping: Lawn mowers, sod, or tree trimming in neighborhoods like Crescent Heights.
HVAC Care: AC filter replacements and annual tune-ups to combat the Florida humidity.
Travel: Your mileage to and from the property for inspections or repairs.
Administrative Costs: Software subscriptions, office supplies, and postage.
How does depreciation work for Florida rental homes?
Rental property depreciation allows you to deduct the cost of the building (not the land) over 27.5 years, providing a significant annual tax break. Even if your property value is increasing in the hot St. Pete market, the IRS assumes the structure is "wearing out."
This is often the largest deduction a landlord has, yet many DIY owners forget to calculate it or fail to include upgrades like new flooring or appliances.
Can I claim deductions if my St. Petersburg rental is vacant?
You can deduct expenses for a vacant rental property as long as the home is "held out for rent" and you are actively trying to find a tenant. If you’re cleaning the unit, advertising on local platforms, or making repairs between leases in Downtown St. Pete, those costs remain deductible. The key is proving the property was available for occupancy during that time.
Common Mistakes to Avoid This Year
We’ve helped owners navigate rentals across nearly every St. Pete neighborhood. Here is where we see people lose money:
Losing the "Small" Receipts: A $20 hardware store run doesn't seem like much until you realize you did it 15 times this year.
No Mileage Log: If you don't track the miles, you can't claim the drive.
Ignoring Interest: Don't forget the interest on credit cards or loans used specifically for property repairs.
Mislabeling Turnover Costs: Cleaning and advertising for new tenants are vital write-offs.
Ready to Simplify Your Tax Prep? Contact Tourtelot Property Management for Assistance Today!
Tax Season 2026 doesn't have to be a headache. At Tourtelot Property Management, we provide our owners with clear, organized financial reporting that makes life easy for their CPAs. When your records are clean and your deductions are tracked year-round, you stop worrying about the IRS and start focusing on your ROI.
Contact Tourtelot Property Management today to get your FREE rental property analysis.
