One of my clients just found out that she had missed out on some of the tax advantages of owning multiple income properties in Phoenix. After referring her to my CPA, she found out that she had failed to save a signifigant chunk of change in 2010.
Many owners of income real estate are not taking advantage of the available tax benefits. Interest, depretiation, repairs, home office, insurance, theft, contractors long distance and local travel are all deductible expenses for the owner of an income property. Interest is the the biggest deduction. If you own more than one property in a metro area like Phoenix or Los Angeles, you can take advantage of the $.555 per mile allowance for local travel.
Owning income real estate is one of the best options for savvy investors today. By taking advantage of all benefits associated with this investment strategy, you can maximize the return on your portfolio. Give your accountant ample time to factor in all necessary information in order to maximize the return on your investment. Their bill is deductible as well!
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