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Tax Deductions for Landlords

Take Advantage of Your Tax Deductions as a Landlord

deductions for landlords Every year we are required to file taxes, and every year, too many landlords pay more taxes than they have to on their rental property income, all because they simply do not take advantage of the tax deductions that are available to them as landlords. As a landlord, if you are looking to make a profit off your rental properties rather than lose money, it is vitally important that you take advantage of the tax deductions that are available to you every year when you file your taxes. As property managers in Redding who have over twenty years of experience managing properties all over Shasta County, we would like to help you make more money by making you aware of what tax deductions you qualify for every year as a rental property owner.

1. REPAIRS – as a landlord, you are able to deduct taxes every year from repairs that you make to your rental property. Deductible repairs include floor repairs, repairing leaks, replacing windows, plastering and repainting.

2. INTEREST – interest is a huge tax-deductible to take advantage of as a landlord. You can deduct taxes from interest payments on loans that go towards the rental property or from interest that has been accrued on credit cards that have been used for the rental property.

3. TRAVEL – anytime that you travel, whether locally or internationally, you can deduct your travel expenses and the miles you traveled from your taxes. Keep track of how much you spend on gas and how many miles you travel, as well as any rental property expenses you take care of while you are out on the road.

4. EMPLOYEES OR CONTRACTORS – whenever you hire someone to do services on your rental property, whether it is managing the property, fixing a repair, or landscaping services, you are able to deduct those from your taxes. You can also secure taxes from other legal and professional services that you work with for your rental property such as an attorney or a property manager.

5. INSURANCE – as a landlord, you are also able to deduct taxes from any premiums you pay for any insurance that goes towards your rental property. This can include insurance for fires, flooding, or theft.

6.  DEPRECIATION – While the actual cost of the rental property is not fully deductible in the year in which you pay for it, you can actually begin to deduct a portion of the property after several years and get money back from that.

If you have any questions or would like more information on how you can save and make money every year as a landlord, feel free to give us a call at Authority Property Management. We do property management in Redding and Shasta County and would love to help you in any way we can! We would also love to help ease your load by helping manage your property! Give us a call at (530) 410-6085.

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Posted by: joline on October 3, 2016
Posted in: Property Owners