Life Events Back Financial Bought an Investment Bought Collectibles You may take deductions for certain expenses you incur in the production of taxable investment income such as management fees, advisory fees, custodial fees, and investment periodicals. Qualified investment expenses are deductible on Schedule A to the extent that they exceed your investment. Bought Rental Property As a landlord you will have income and expenses. Rental income includes payments made by an occupant for the use of property, payments to cancel a lease, advance rent, and any security deposit used as a final payment of rent. Some of your expenses, such as rent lost due to a vacancy, are not deductible. Improvements made to the property must be depreciated over a prescribed number of years and cannot be deducted all at once. Received Dividends If your Form 1099-INT or Form 1099-DIV shows you paid foreign taxes, you may be eligible to claim either a credit or an itemized deduction for these taxes. Generally, the foreign tax credit results in a greater tax savings than deducting the foreign taxes as an itemized deduction. Sold Partnership Interest When you sell your interest in a Partnership any prior year unallowed losses are allowed in the year you sell your interest. Your K-1 should have the Final K-1 box selected.