Tis’ the season for taxes! Did you know that as a property owner you can write off most of your expenses!? Check out our list of these 5 tax deductions:
1. Interest !
Not just on your mortgage, but on company credit cards, loans used for your property and lines of credit.
2. Employees & Contractors
You are able to deduct any wages or fees of people you employ to service your property.
Anything marketing related, website, mailers, postage, advertising etc can be deducted.
4. Legal Services
You are able to write off any services you use for your property, such as attorneys, advisors and accountants.
Keep track of those miles you are adding to your mileage! You are able to deduct trips to the hardware store, to client’s properties you manage and more!
There is a lot that goes into being a property manager/owner, so it is important to know everything that is tax deductible. Owning and operating an investment property is an investment in your time and money so make sure you are writing off what is rightfully yours. For more advice on effectively managing your rental properties, contact the experts at Lamacchia Property Management today!
*Check with a Certified Public Accountant for more details and information on qualifications for these exemptions.