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Can I claim depreciation on rental property?

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in Tax Law & Budget Changes by
I own a building that I rent out. Can I claim depreciation expense on it for tax purposes?

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by (25.1k points)

No, you cannot claim depreciation on a building that you rent out in Pakistan.
Under tax laws, rental income is taxed on a gross-to-net basis, where specific deductions are allowed.
Instead of depreciation, you can claim a standard deduction of 20% of gross rent to cover repairs and maintenance.
Additionally, you can deduct municipal taxes, insurance premiums, and interest on loan (if any) related to the property.

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