• Home
  • About Investing
  • Search Properties
  • What We Do For You
  • Contact Dollie
  • Investment Tips
  • Blog
Invest in a Sequim Rental
Like us on Facebook

10 tax deductions for rental owners

8/11/2015

0 Comments

 
Picture
Rental properties provides great tax benefits. Consult your tax advisor to see if you qualify for these common deductions for your rental property.

1. Interest 
Mortgage interest payments, and interest on credit cards used for rental activity

2. Depreciation 
Deduct a portion of the cost of the property over several years

3. Repairs 
Repainting, plastering, fixing leaks, gutters or floors, and replacing windows

4. Casualty Losses 
Theft, damage or destruction from a fire or flood

5. Insurance 
Deduct premiums you pay for almost any insurance for your rental

6. Home Office 
Applies to space devoted to office work, as well as a workshop or any other home workspace you use for your rental business

7. Employees and Independent Contractors 
Hiring someone to perform services for your rental activity? You can deduct their wages as a rental business expense.

8. Local Travel 
When you drive to your rental building or go to the store to purchase a part for a repair, you can deduct your actual expenses (gasoline, upkeep, repairs), or use the standard mileage rate (check the IRS website for current rates). 

9. Long Distance Travel
Traveling overnight for your rental activity? Deduct your airfare, hotel bills, meals, and other expenses. 

10. Legal and Professional Services
Including attorneys, accountants, and property managers.

0 Comments



Leave a Reply.

    Author:
    Dollie Sparks

    Of Windermere Sunland Property Management

    Archives

    August 2018
    August 2015

Powered by Create your own unique website with customizable templates.