07/10/2015
Tax Benefits of owning rental properties!
As a landlord, you can write off a huge number of expenses related to owning and managing your property. Landlords can write off mortgage interest, depreciation, repairs, travel, and insurance costs related to the property. And like any self-employed individual, a landlord can also write off home office expenses, legal and accounting services, and other expenses related to running a business.
These write-offs can translate into money back in your pocket at the end of the year. And, in many cases, unlike a self-employed person, you won’t claim your income on Schedule C and you won’t be required to pay self-employment tax, in addition to income tax.