As a Landlord, you may incur certain expenses during the course of business that have some significant impact on your profitability. Among these are supplies, taxes, and utilities, which are generated from the property from which you are receiving income. As with other business expenses, you must
Tax Credits for Landlords
This particular article of the Landlord's Tax Guide focuses on the different types of tax credits available to landlords who rent out their property. A tax credit is better than a deduction because it is a one-for-one reduction of tax owed, while a deduction simply reduces the total amount of income
Private Use of Rental Property
The guidelines associated with the personal and leasing utilization of premises are included in this article in the Rental Property Tax Guide. This may be either because you are leasing out a space in the same property which you are living in, or you have got a vacation residence that you might
Resource for Business Valuations
The valuation of a business, business ownership interests or intangible assets may be performed for a wide variety of purposes including: 1) Transactions such as acquisitions, mergers, buyouts, employee stock ownership plans, partner or shareholder buy-ins or buyouts, and stock redemptions. 2)
Deductible Vehicle and Transport Expenses Related to Rental Premises
When travel expenses are essential, and suit certain factors, then they become deductible. Various travel expenses that you may write off include travel to secure rent payments from occupants and to perform maintenance duties on your property. Be aware commuting to work is regarded as a private cost
Necessary Tax Forms for Reporting Rental Activity
For a landlord, to correctly account for and report your annual rental property revenue to the IRS, you must have a variety of different Revenue Service tax forms which you'll find are highlighted within this article. As is laid out directly below, the tax documents change based on the particular
Home Office Deductions for Landlords
A large number of business owners are leery of home office deductions, concerned that these tax write-offs are more likely to encourage an IRS audit. The IRS claims there is no meat to this. In any case, follow the rules and you should have no concerns. Active owners of a rental property may
Tax Deductible Rental Property Expenses, Part 1
There are many deductible expenses connected with owning a rental property. In this article we will focus on expenses regarding interest, advertising, and professional fees, these are expenses you may deduct from your gross rental income so as to calculate your net rental income. Interest The