In 2008 (due to the economic downturn), the Housing and Economic Recovery Act passed that enabled Americans to qualify for a federal tax credit if they purchased a home that year. If you purchased a home in 2008, the credit acts like an interest free loan and was expected to be paid back on your tax
How to Maximize your Rental Income by Reducing your Rental Income Tax
Most people are happy to own income properties, but the complicated rental income taxes deter them from turning it into a thriving business. Property owners have a mandate to pay two types of housing taxes, namely, the real estate tax and the capital gain taxes. Although the charges are said to be
Everything You Need To Know About HOA Fees and Schedule E Form
Are you a property owner earning rental income and wondering how to file your rental taxes? Well, filing Schedule E form and understanding what to file is a broad topic, but we’ll narrow it down for you. What is the Schedule E form? Schedule E form is a part of IRS form 1040 used to report
Rental Property Owners Hurting From Self-Quarantine
Ever since it made its presence known in the U.S., the novel coronavirus (COVID-19) pandemic has disrupted life as we know it. Due to the outbreak, several industries have ground to a halt, while others are barely hanging on by a thread. One of the segments hit the hardest by the pandemic is
Renting a Part of Your Personal Property
When you rent out part of your personal property, it's not just that you get added income (that you have to report), but now part of your property is open to expenses and deductions. To begin with, you must divide expenses between personal and rental use. You can deduct the rental portion of the
A Deep Dive into Rental Property Tax Deductions
As a landlord, you are highly involved in looking for tenants to rent your property while at the same time ensuring that you provide the necessities to keep them around. That adds you money in your bank account. However, the IRS is always knocking to check on what you have earned, so you have to pay
How are Startup Expenses Treated for New Rental Properties
Most real estate investors need to spend some money to get their business started. The costs incurred before they are actually in business are known as start-up expenses. Special tax rules and regulations govern the deductions for a rental property as well as other related costs. If you are not
How You Can Deduct Expenses for Your New Rental Property
Landlords and property owners are looking at a tax deduction to lower their taxable income. They are looking at their expenses for the past year and noting what can be deducted from their gross income. Through deductions, the taxes they owe the government will be drastically lowered, and would