Rental Property Tax

Everywhere you look new developments are being built around the World

Whether you own one rental property or multiple properties, the US tax code has many rules that allow rental property owners to save money and reduce their taxes—we should know, our owner/CPA, Chase Insogna, owns 9 rental properties himself—so we’re highly familiar with rental property tax deductions.

Depreciate your rental property tax and capitalize on other deductions.

Net losses from a rental activity can be deducted in full against your personal IRS1040 income (subject to IRS limitations). If you’re not able to take deductions because you have too high of income, your losses never expire but rather are accrued until you sell the property and/or your personal IRS1040 income drops lower than the IRS threshold to take rental losses.

You can take other deductions related to your rental property, including:

Advertising

Auto Expenses

Cleaning

Maintenance

Management Fees

Supplies

Taxes

Utillities

Property and liability insurance

Mortgage interest, generally reported to you on Form 1098

Repairs, such as repairing the dishwasher, regular repainting, or fixing a roof leak

Legal fees and tax preparation fees related to your rental activity

Non-mortgage interest, such as credit card interest on a card you use only for rental expenses.

Travel expenses when you travel overnight to improve property

Insurance, including fire, flood, liability and mortgage insurance

Often, the largest deduction for rental real estate owners is not even money you’ve spent – it is depreciation. You are allowed to deduct the price of the building you purchased for either 27.5 years with a residential property or 39 years for a commercial property.

Let Us Help Secure Your Profit

Rental property can provide more tax benefits than almost any other investment. Making sure you maximize your tax deductions can help offset your personal income, so let our experts help you capture everything owning a rental property allows you to take.

Whether you’re an individual rental real estate investor filing a Schedule E for one or more properties, or using a corporation or partnership to protect your assets and filing income taxes with an 1120C, 1120S or 1065, we’re here to help maximize your tax deductions and grow your investments.