Get to know the top 8 tax deductions you get as a property owner or investor.
The premiums you pay for rental property can be deducted with fire, death, flood or liability insurance.
You can deduct the interest on your mortgage, interests on your credit card on Property Management expenses.
Legal and professional services
You can deduct from legal, accounting or Real Estate advisory fees.
Plumbing, painting, rekeying of the locks, cleaning in between tenants, most general repairs and costs of labor are tax deductible.
Professional photography, online ads and marketing fees, they are all tax deductible.
One of the best deductions in the IRS code. You get to deduct a certain percentage of your property through loss value caused by natural wear & tear. I.e. Weather, time, decay, tenants and obsolescence. You can take this deduction for 27 years on residential property.
Since Real Estate is everywhere, you can travel anywhere in the world and still deduct on travel expenses (related to your Real Estate affairs!) Mileage, airfare, hotel rooms and meals apply.
Property Management Fees
Why do it yourself when you can hire a professional Property Manager to do it for you? Not only it will give you peace of mind but all of those expenses are tax deductible too! In the end you are not saving money by doing it yourself!