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Tax Deduction Consulting: Overlooked Rental Property Deductions Brigham City UT

Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and any security deposits not returned to the tenant. In fact, revenue can also include amounts paid to cancel a lease, even if you had to sue the defendant to get it.

Mr. A. Wayne Margetts (RFC®), LUTCF
(801) 532-1871
175 S Main St, Ste 1050
Salt Lake City, UT
Company
LPL
Qualifications
Education: BSc (Math)MBA
Years of Experience: 16
Membership
IARFC, MDRT, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

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Singleton's Tax Svc
(801) 373-6920
244 W 300 S Ste 1
Provo, UT

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H&R Block
(801) 225-4018
738 S STATE
OREM, UT

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Liberty Tax Service
(866) 871-1040
6223 Highland Dr
Salt Lake City, UT

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Robert Blake Accounting and Tax
(801) 763-8295
9626 Dorchester Drive
Cedar Hills, UT
 
Mr. Gregory W. Williams (RFC®), CFP, CHFC, CLU, LUTCF, MSFS
(801) 453-2271
6340 South 3000 East, Suite 500
Salt Lake City, UT
Company
Exit Strategy Specialists, LLC
Qualifications
Years of Experience: 26
Membership
IARFC, MDRT, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Asset Protection, BuySell, Compensation Plans

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H&R Block
(801) 255-3231
7065 S STATE ST
MIDVALE, UT

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H&R Block
(801) 294-7998
75 E 2200 S
BOUNTIFUL, UT

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H&R Block
(801) 495-4172
9151 S QUARRY BLVD
SANDY, UT

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H&R Block
(801) 356-1356
990 S UNIVERSITY Ave
PROVO, UT

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Tax Deduction Consulting: Overlooked Rental Property Deductions

Rental Property Tax Deductions

Own residential rental properties? This article discusses how income from those properties impacts your taxes.

Generally, rental income is defined as any revenue you receive from the occupancy or use of residential property. Rent, obviously, is included in that revenue. Many owners are surprised to learn revenue also includes rent advancements, expenses paid by a tenant and any security deposits not returned to the tenant. In fact, revenue can also include amounts paid to cancel a lease, even if you had to sue the defendant to get it.

Tax deductions associated with rental properties are strikingly similar to those found in any business. Technically, you can deduct any expense reasonably necessary to "manage, conserve or maintain" the property. Obvious deductions include mortgage payments, cleaning expenses, insurance premiums, service payments such as landscape maintenance, repairs, maintenance, etc. Overlooked rental property deductions include:

  • Expenses incurred in finding tenants,
  • Commissions paid to third parties that arrange for tenants,
  • Paying your accountant and/or lawyer,
  • Mileage for driving to and from the property [I said, "No more parties!"]
  • Depreciation of the property, and
  • Depreciation of items in the property such as washing machines, furniture, etc.

A few creative property owners have suggested that they should be able to deduct their customary and standard monthly rent if the property is empty. Th...

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