Please provide the informational below and we will have your book in the mail soon.
If you like collecting a rent check every month, you are going to love the tax deductions available to you as a Sioux Falls rental property owner.
Some of the most common rental property tax deductions include the following.
As the leader in property management, Real Property Management Express in Sioux Falls has put together a list of rental property tax deductions that are not so obvious and are frequently overlooked by landlords. These deductions could be the difference between you making a profit on the rental property and losing money.
Local Travel Expenses
Driving by your rental property for an inspection or to the hardware store to pick up the parts you need to fix that leaking faucet? Keep track of the miles driven in your car, these can be deductions in one of two ways:
Cost of Repairs
This is one area that Sioux Falls property managers need to be careful in, as the IRS classifies repairs and improvements as different categories. Repairs are defined as anything that keeps the property in good working order, such as replacing a broken window or fixing a leaky kitchen sink. However, if you instead choose to replace all windows with energy efficient glass, this is an improvement that will extend the life of the property over the years. Your costs of repairs are deductible, however, the costs associated with improvements must instead be depreciated.
Landlords can recover the cost associated with purchasing real estate by claiming depreciation. It that allows them to deduct a small portion of the costs over a period of many years. Depreciation starts when the home is ready for rent, even if tenants are not living in it. It stops either when you have recovered the cost of the home or you stop it.
Casualty & Theft
When a natural disaster damages your rental property, you may be able to deduct a portion of your loss. You can determine the amount deductible by calculating the difference between the property damage and the loss covered by your insurance.
If you have questions about the rental property tax deductions available to you, feel free to give Real Property Management Express in Sioux Falls a call. We will be happy to assist you!
21 November 2017
01 November 2017
16 October 2017
22 September 2017
Powered By Impressive Business WordPress Theme