Investment Properties

The Benefits of Owning Rental Properties

With tax season here, I thought this would be a great opportunity to share some valuable information for those of you that may be thinking about purchasing rental properties.  You may be eligible for a number of tax write-offs by claiming the following deductions on a Schedule E.  Always keeping strict records of expenses can save thousands.  Feel free to share this information with anyone you feel may benefit.

Advertising Costs,

The money you spent on advertising your rental property can be written off.

Travel

The costs of traveling to your rental property for business reasons can be written off.

Repairs

The cost of repairs can be written off in the year that you made them. The cost of improvements to your rental property must be depreciated (or deducted over several years).

Cleaning Expenses

Expenses related to the cleaning of your rental property can be written off.

Other Tax Write-Offs

Other tax write offs include yard maintenance, rent you paid on the property, utilities, supplies, attorney fees, property taxes, insurance and homeowner fees.