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Tax Deduction Consulting: Rental Property Brigham City UT

In many ways, homeownership is the pillar of our society. Rentals are a part of this picture, which brings us to rental property deductions from a tax perspective.

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

Data Provided by:
Abd Svc
(801) 953-0633
2866 S 7070 W
West Valley, UT

Data Provided by:
Gardner Tax & Accounting
(435) 656-8291
32 E 100 S, STE 202
St. George, UT
 
H&R Block
(801) 733-0847
3438 BENGAL BLVD
SALT LAKE CITY, UT

Data Provided by:
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

Data Provided by:
Liberty Tax Service
(866) 871-1040
1132 E 3300 S
Salt Lake City, UT

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

Data Provided by:
MainStreet Tax & Accounting Services
(435) 789-0691
1285 W. Hwy 40
Vernal, UT
 
H&R Block
(801) 272-0412
5002 S HIGHLAND dr
SALT LAKE CITY, UT

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Tax Deduction Consulting: Rental Property

Rental Property Deductions

In many ways, homeownership is the pillar of our society. Rentals are a part of this picture, which brings us to rental property deductions from a tax perspective.

Rental Property Deductions

Renting out property can result in a variety of problems, most of them being caused by the tenants. However, although these problems can only be addressed by the owner of the property, there is another major issue that many aren't immediately aware of - rental taxes. It is important for those looking to or who already are renting out property to understand rental property taxes or your return on investment can be a lot less than you were expecting.

As has been stated, rental income is indeed taxable. It must be reported as income on your tax returns. However, there is still good news, and that is in the form of rental property deductions that can be taken out of this income. Those who are renting their property are allowed to use the costs of management, conservation, repair, maintenance, and other sorts of expenses as deductions on their tax returns.

For those looking for a more specific list of potential deductions, here are some that can be considered and used: advertising, cleaning, maintenance, repair, commissions, depreciation, homeowner's association dues, insurance premiums, interest expenses, local property taxes, management expenses, pest control, professional fees, rental of equipment, rent paid to others, repair, supplies, trash removal fees, travel expenses, utilities, yard maintenance, general fees, and some other potential fees and costs of owning and renting the property. Essentially, you are running a business and can deduct reasonable and ordinary expenses.

Needless to say, the deductions can turn out to be quite significant. Those who are renting out their property should take the time to go through the costs and expenses of renting the property and claim the deductions appropriately so as to potentially save themselves...

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