Tax Deduction Consulting: Rental Property Wilmington DE
Company: Curry Poole Group, LLC
Investment Advisor Rep: Yes
Registered Investor: Yes
Years Experience: 42
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience: 8
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol
Diversified Financial Consultants
Years of Experience: 34
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New Castle, DE
Life Strategies, LLC
Years of Experience: 8
IARFC, FPA, SFSP
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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...