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Getting all the appropriate tax deductions is an important part of managing a property. You want to be sure that you’re getting the deductions you deserve and that you’re spending your money wisely throughout the year.

In addition to interest, depreciation and repairs you can also claim deductions for travel, your home office and related business expenses, any employees or independent contractors you hire, casualty and theft losses as well as insurance.

Also, if you’re doing improvements you can deduct your expenses and if planned correctly you may be able to deduct them in a lump sum rather than spread out over several years. Segmented depreciation is another way to organize your property in order to take advantage of the greatest deductions. Small landlords get some extra breaks when it comes to losses so make sure you’re figuring this into the equation.

If you’re renting a vacation home look into your local laws, in some places you can do this totally tax free. But in other renting news, if you?re renting to family and friends it?s possible to lose virtually all of your tax deductions.

If you decide that these tax issues a too overwhelming, then hire an attorney or a tax professional and remember to deduct that expense as well.

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As a property owner, do you feel that the amount that you pay for property taxes is fair? If you’re like the average homeowner out there, your answer is probably no. Most people feel that their property taxes are higher than they should be, especially with home values themselves seeing decline. If you happen to live in Seneca County, Ohio, there’s actually something that you can do about it. (more…)

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With tax season upon us, it’s important to make sure that all property owners are getting their fair share of tax deductions. It’s not a matter of inventing deductions, but rather a matter of keeping careful records and noting all the deductions you’re due. Some of the biggest deductions and oft missed ones are listed below. (more…)

credit: scmikeburtonIt isn’t just individual homeowners who have been impacted by the real estate downturn; city governments are also facing economic problems as a result of the housing slump. The city of Chicago has discovered that their projected incoming tax budget isn’t as high as they expected as a direct result of decreased real estate market activity.
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The last blog covered the top three tax deductions for rental property owners- mortgage interest, depreciation on real estate, and repairs. Here we will look at two more deductions. IRS Publication 527-Residential Rental Property provides added detail on the available tax deductions. (more…)

Rental real estate provides some of the best tax deductions available to any investor. Your property manager should be knowledgeable in this area and willing to share their expertise with you. The following are usually the best three deductions. (more…)

Whether you are considering buying an investment property, or you have many in your portfolio, understanding the tax implications of selling rentals can save thousands of dollars.

When you sell an investment property you pay capital gains tax on the amount you profited and on the depreciation you took. Below is a simple format for calculating your taxable amounts. First you find out your cost basis-
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