Other Tips
Deducting the Cost of an MBA
A Maryland nurse defended herself against the IRS, and got a ruling that could help tens of thousands of students deduct the cost of an M.B.A. degree on their taxes. The IRS’s rules on deducting work-related tuition are complicated, and prevents many students from deducting their tuition. The 47-year-old woman had properly deducted nearly $15,000 in... »
Hire Family Members
You should hire someone (like a family member) to do your work and write off the cost of labor, because you cannot deduct the cost of your own labor. For example, if you paint your rental property or install a lock using your own labor instead of hiring a painter or a locksmith, you cannot... »
Home Office Expense Tax Deduction | Landlord Guide for Business Expenses
Expenses for your home office or workshop used to manage your rental property are considered deductible expenses only if you used a portion of your home exclusively and on a regular basis as your principal place of business. Even your garage may be considered storage for your tractor to cut the grass or to hold... »
Pay Children, Open IRA for Kids | Landlord Tax Deductions, Rental Property Management Tax Tips
Pay your kids to do work on your properties and put the money in IRA accounts for them. This is especially a good idea if you’ve already maxed out on your and your spouse’s IRA contribution for the year. So if you’re at a high tax bracket the end of the year, hire your kids to... »
Real Estate Accounting Tax Tips | Landlord Guide to Property Damage & Casualty Loss Tax Deductions
Losses incurred because of a casualty, disaster, or theft may be tax-deductible. A casualty is a loss of property (including damage and destruction) due to a sudden event that is identifiable, unexpected, and unusual. These losses may be limited, but they are deductible as a rental activity expense. For example, your tenant runs their car... »
Real Estate Investing for Beginners | Turn 20K into 6M in 20 years
This is a strategy I began using as a new landlord a long time ago. It makes sense and it works for me, perhaps it can help others out there. Before I explain the steps, there are some basic assumptions that you need to ensure in order for this process to work for you. Assumptions: 1.... »
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