Rental Property

Long-term, Short-term, AirBnB, Room, Bed, Garage, etc.

You receive income from renting your investment property; renting space in your home or simply by renting a room, or other areas in your home. All rental income should be reported to the IRS. Likewise, you can deduct rental related expenses; which will reduce the amount of taxes you pay on your rental income.

Strategy to Lower Your Taxes

First, you take advantage of all related tax deductions and credits so that your tax bill is low or zero dollars.

Then, you should be managing your rental like a business. I.E., you should be tracking and managing your expenses, purchases and payments in a way that helps to lower your taxes.

Are You Doing These Things?

Tracking Maintenance and Repairs

Deducting Depreciation

Reviewing Insurance Policies

Factoring In Property Taxes

Tracking Cleaning Costs

Tracking Mortgage Interest Payments

Hiring Good Vendors

Tracking All Labor Costs

Tracking All Supply Costs

Tracking Marketing and Internet Costs

Tracking Utilities Costs

Want to know more?