Tax Deductions for Rental Property Owners
Right now it's tax time, of course, and, if you're a rental property investor, it's important to know there are a number of allowable deductions.
If you're currently compiling your tax return, all the following, and more, could be eligible:
Mortgage and Loan Interest
Repairs and Maintenance
Travel and Transportation Costs
Legal and Professional Costs
Your Office Space
Personal Property Used In Rental Property
Employee and Contractor Costs
Rental Licensing Costs
(list not exhaustive - seek financial advice for what specifically applies in your situation)
As you can see, many associated costs of being a landlord can be legitimately defined as business expenditure, increasing the profitability of your operation.
You are strongly advised to consult with your trusted financial advisor on all these matters. Indeed there are a range of other very worthwhile taxation benefits that can be derived from careful management of your rental property affairs.
And please don't hesitate to call us at 619-886-0175 if you're considering investing in rental property or enhancing your current portfolio. We have over two decades of market leading real estate experience in the Coronado area.