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photo credit: kozumel
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.

photo credit: thingermejig

One of the best parts of having a property manager on site at your rental properties is that they can handle most of the contractors that are needed at the property. A good property manager can take responsibility for screening contractors and recommending the best choice to the property owner. Additionally, the property manager can be entrusted with overseeing the work of contractors to make sure that things go smoothly. (more…)

photo credit: _sarchi
A lot of people have the misconception that it’s a landlord’s responsibility to repair a rental unit and it’s the tenants responsibility to maintain it. This might actually be a good rule of thumb to live by, but it’s not a legal tenet and doesn’t apply in all situations. (more…)

credit: Michael_L

You have just heard that a tenant has been injured on your property, are you liable? Well, it depends on the circumstances. The injury has to be related to something you did or failed to do to the property. A tenant tripping over their child’s toy in their unit is in no way your responsibility. But if your tenant trips over torn carpet in the common hallway and breaks an arm this could be your responsibility.

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credit: rick

Good landlords treat their tenants with respect and compassion. Good landlords also get good tenants that treat them with equal respect. (more…)