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Tax Deduction Consulting: Rental Property Casper WY

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.

Liberty Tax Service
(866) 871-1040
944 E 2nd St
Casper, WY

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H&R Block
(307) 877-5789
1100 PINE AveSTE 113
KEMMERER, WY

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Liberty Tax Service
(866) 871-1040
944 E 2nd St
Casper, WY

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H&R Block
(307) 362-6101
1461 DEWAR dr
ROCK SPRINGS, WY

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H&R Block
(307) 532-5413
2109 MAIN ST
TORRINGTON, WY

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Liberty Tax Service
(866) 871-1040
324 E Washington Ave
Riverton, WY

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Liberty Tax Service
(866) 871-1040
2205 E Pershing Blvd
Cheyenne, WY

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H&R Block
(307) 635-3657
800 S GREELEY hwy STE E
CHEYENNE, WY

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H&R Block
(307) 684-5125
510 W LOTT ST STE A
BUFFALO, WY

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Liberty Tax Service
(866) 871-1040
1001 S Douglas Hwy # 240
Gillette, WY

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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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