Landlord Tax Deductions on Rental Properties

05 Feb Landlord Tax Deductions on Rental Properties

As part of our property management services, all of our owners and landlords receive 1099 forms every year along with their personalized ledger report itemizing each expense and income. Why is this important? Because most landlords do not take advantage of all the tax deductions that they might be able to claim on their investment properties. Here is a quick break-down of the most popular ones:

1. Interest – mortgage interest payments on loans

2. Depreciation – deducting a portion of the cost of the property over several years

3. Repairs – ordinary, needed repairs that are reasonable in cost

4. Travel – you might be able to deduct airfares, over-night hotels, gas expenses, etc assuming these activities are related to your rental properties

5. Insurance – you can deduct premiums for insurances you pay on rental properties, such as fire, theft, flood and landlord liability

6. Professional and Legal Services – your property management fees, attorneys, accountants

We know tax season is not the most exciting time for most investors and landlords but as your property manager we ensure that you receive all needed documents to claim as many deductions as you might qualify for. 

To see if your rental property qualifies for these or any additional tax deductions, please consult with a tax attorney, tax adviser or tax professional.

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