Category: Landlord’s Tax Guide

This particular article of the Landlord’s Tax Guide focuses on the different types of tax credits available to landlords who rent out their property. A tax credit is better than a deduction because it is a one-for-one reduction of tax owed, while a deduction simply reduces the total amount...

The guidelines associated with the personal and leasing utilization of premises are included in this article in the Landlord’s Tax Guide. This may be either because you are leasing out a space in the same property which you are living in, or you have got a vacation residence that...

Since you now are currently renting property to obtain income, it is vital to ensure that a number of fees and professional services are correctly set up and documented for IRS purposes. Below, we’ll name a few of these fundamental expenses. Insurance Insurance payments are pre-paid ahead of the...

If your specialized travel expenses are regular, needed, and reach some factors, they may deducted. If you use your automobile to take care of, and operate the leasing residence, as well as recover profits from inhabitants, you will be allowed to write off these expenses. Because commuting to work...

This particular brief article discusses the various Internal Revenue Service tax documents you need as a property manager to be able to properly account for, and report, your rental property profit to the IRS. Depending on the kind of legal body that owns the rental, the tax forms needed...

Many are leery of home office deductions, concerned that these deductions are more likely to spur an IRS audit. The IRS claims there is no meat to this. Regardless, follow the rules and you should have no concerns. To claim this deduction you must be active (beyond depositing monthly...

This segment the Rental Property Tax Guide concentrates on the various types of expenses that you may deduct from your gross rental income in order to determine your net rental income. Because there is a variety deductible expenses, this guide breaks down this series of articles into four different...

Some expenses incurred in preparing a property for rental (before actually renting) are tax deductible. So let’s look at a few of them.NOTE: These expenses outlined within this post aren’t the same variety of expenses allowable as a deduction under Internal Revenue Code section 195. Under the section 195,...

Let’s focus on the possible entity types as they relate to rental property ownership. In later articles we will move on to look more microscopically, but for now let’s make sure you are starting from a strong base. You’ll see below the different entity selection types have pluses and...