Tax Deduction Consulting: Rental Property Washington DC
Title: Financial Advisor
Company: Core Advisory, LLC
Registered Investor: Yes
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience: 15
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu
Years of Experience: 18
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Healthcare Accounts, Compensation Plans
Frank & Darby Doe
Years of Experience: 33
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities
Title: LPL Wealth Planner
Company: WealthPath LLC
Investment Advisor Rep: Yes
University of Oklahoma/MHR
University of Florida/BA
Years Experience: 7
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planni
Integrity Financial Group, LLC
Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
IARFC, MDRT, FPA, SFSP, NAIFA
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans
The Planning Companies
Years of Experience: 19
Invoice, Estate Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell
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...