Tax Deduction Consulting: Overlooked Rental Property Deductions Manchester NH
Sterling Financial Services, LLC
Education: B.S., University of Bridgeport;MBA, Southern New Hampshire University;Advanced Certificate in International Business;Series 24 Registered Principal License;Series 7 and 63 Securities License;NH Health and Life Insurance License
Years of Experience: 26
Invoice, Estate Planning, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Education Plan, Asset Protection
10% off of individual tax return prep
Mon 09:00 AM-05:00 PM;Tue 09:00 AM-05:00 PM;Wed 09:00 AM-05:00 PM;Thu 09:00 AM-05:00 PM;Fri 09:00 AM
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:
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...