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Tax Deduction
TAX DEDUCTION
Tax deduction is a dollar amount that reduces the amount of rental income thus reducing the overall amount of income on which a real estate investor or landlord is taxed. In order for the expenses to be deductible, the expenses must have been paid during the tax year. Some of the common tax deductions in renting a property are listed below.
Common Tax Deductions
Advertising
Auto and Travel Expenses
Cleaning and Maintenance
Commissions
Insurance
Legal and Other Professional Fees
Management Fees
Mortgage Interest paid to Banks
Other Interest
Repairs
Supplies
Taxes
Utilities
Others like HOA, CPA, etc
You itemize these deductions on Schedule E and are totaled and then deducted from Income on Form 1040. For more information on rental property tax deductions CLICK HERE
This blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies is brought to you by SimplifyEm Pay Rent Online and Property Management Software
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Tax Deduction is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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