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Homeowner Association dues, magazine subscriptions, and any other dues and fees that are necessary for managing investment activities can be written off in the year they are paid.
Generally, amounts paid or incurred for membership in clubs organized for pleasure, recreation, or any other social purpose are not deductible (country clubs, athletic clubs, hotel clubs, airline clubs, etc…).
The following organizations are not considered recreational, and club dues can be fully deductible as a business or trade expense:
•Boards of trade
•Business leagues
•Chambers of commerce
•Civic or public service organizations.
•Professional organizations (American Bar Association, etc)
•Real estate boards
•Trade associations
You might also want to read:
- 2011 Tax Tips for Real Estate Agents and Professionals – Deduct Real Estate Business Expenses Real estate agents and professionals can deduct any expense incurred for your real estate business in 2011. For example, the cost of advertising, small gifts, creating a website, and paying......
- Commissioned Study Shows Community Associations More Likely To Change Property Management Companies in 2011 – Internet searches will drive process August 18, 2010 — Community Association Property Management directory website, www.HOAMANAGEMENT.com recently commissioned a study of 658 associations across the country. The study was conducted between May 15, 2010 and......
- Sales Taxes Sales taxes paid on supplies or services related to your rental activity are usually deductible when paid. Sales tax paid on long-life assets like appliances or furnishings are not deductible.......
