Did You Know? Tax Deductions for Landlords

As a property manager I often am asked, What can I deduct? Did you know ...

As a property manager I often am asked, What can I deduct?

Did you know that:

Landlords can greatly increase the depreciation deductions they receive the first few years they own rental property by using segmented depreciation.
Careful planning can permit you to deduct, in a single year, the cost of improvements to rental property that you would otherwise have to deduct over 27.5 years.
You can rent out a vacation home tax-free, in some cases.
Most small landlords can deduct up to $25,000 in rental property losses each year.
A special tax rule permits some landlords to deduct 100% of their rental property losses every year, no matter how much.
People who rent property to their family or friends can lose virtually all of their tax deductions.

1. Mortgage interest paid to banks
2. Depreciation Expense or Depletion
3. Repairs
4. Local Travel
5. Long Distance Travel
6. Home Office
7. Employees and Independent Contractors
8. Casualty and Theft Losses
9. Insurance
10. Legal and Professional Services.
11. Advertising
12. Auto and Travel
13. Cleaning and Maintenance
14. Commissions
15. Management Fees
16. Utilities
17. Other Interest
18. Supplies
19. Taxes

Schedule E (Form 1040) has a list of expenses but I’m not an accountant so talk with an accountant to get the full benefits of what you can deduct.

I use Malakina Accounting Services, LLC at 91-902 Fort Weaver Rd #206, Ewa Beach, Hawaii. (808) 380-0920

Call and inquire so you can get the full benefits of your rental property. Tell them One Team Realty Sent you. (I don’t get any benefits if you use them and only recommend them because I have and do use them and know how they operate)

ONE TEAM!