Posted by: phillipsre | March 18, 2014

Tax Information for Landlords

tax-time-aheadAlong with longer days and warmer weather, spring time also means tax season. This is something we have mentioned before for Homeowners Associations, and how to prepare as an organization or group. If you are a landlord or rental property owner there are a number of considerations to keep in mind when you are preparing your taxes. This article has some excellent tips and deductions for landlords. It is important to remember that a lot of the activities that are related to your rental property may be tax deductible, specifically: travel costs to and from your property, legal and professional services (if you are using a property management firm, those fees are tax deductible), interest paid and depreciation of your property, are just a few of the deductions to keep track of when preparing your tax return.

It is best to consult a Certified Public Accountant  to find out all the deductions you may be eligible for and also to help you stay informed of any changes to the tax laws and reforms. This article recently came out by National Apartment Association and discusses a tax reform proposal that may cause some concerns for the Multi-Family industry.


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