| Most people are unaware that rental real estate gets | | | | deductible include, but are not limited to, fixing leaks, |
| more tax deduction benefits than almost any other | | | | floors and/or gutters, painting, plastering and broken |
| investment. If you do not take full advantage of tax | | | | window replacement. |
| deduction benefits, it can actually mean the difference | | | | · Depreciation-you cannot fully deduct the cost |
| between having a loss or a profit from your rental | | | | of a house, building or rental property during the year in |
| investment property. Tax deductions are meaningless | | | | which you pay for it. However, you will get back the |
| if you do not take advantage of them like you should. | | | | cost of the real estate through depreciation. You will |
| What are some of the top tax deductions? In no | | | | be able to deduct parts of the cost during several |
| particular order of importance, some tax deductions | | | | years. You should definitely look into segmented |
| you can use are: | | | | depreciation so that you can increase the depreciation |
| · Professional and Legal Services-you can | | | | deductions you will receive during the first few years |
| actually deduct what you pay your attorneys, property | | | | you own your rental properties. |
| managers, accountants, investment advisers and any | | | | These are just some of the deductions that you can |
| other professional you use. | | | | make on a rental investment. If you only rent part of |
| · Home Office-there are minimal requirements | | | | your real estate investment, you must divide certain |
| that you must meet, but you can deduct expenses for | | | | expense between the part that you use for personally |
| your home office from your taxable income. Not only | | | | and the part you are renting out. For example, if you |
| that, the deduction applies to the space allotted to | | | | have a two-family property and you occupy one half |
| office work, a workshop and any other space in your | | | | of the property, you may only deduct half of the |
| home that you use for your rental properties business. | | | | expenses for the property. |
| · Local Travel-as a landlord, you are allowed a | | | | You should be as smart as you can about your rental |
| tax deduction anytime you drive anyplace as part of | | | | investment so that you can maximize your tax |
| your rental business. If drive to one of your apartments | | | | deductions. Therefore, you should be aware of the |
| to speak to a tenant about a complaint, for example, | | | | other deductions that you can use, which are actually |
| or if you go to a store to buy something for repairs, | | | | too many to list in short article. However, you should |
| you are entitled to deduct the travel expenses | | | | definitely talk to your accountant and find out what |
| involved. | | | | deductions are available to you as a landlord. If you like |
| · Repairs-rental properties need repairs. This is | | | | to do your own taxes, then you should find some |
| a fact and repair costs are deductible in the year in | | | | really good software which will help you with all of the |
| which they were done, provided the costs are | | | | deductions that you can make. |
| reasonable, ordinary and necessary. Repairs which are | | | | |