Year End Tax Strategies

[Marty N.]

Hello everyone, I have one single family home as a rental property that I purchased in March 2015.  It cash flows on a monthly basis pretty well and I was just wondering what I can do to maximize deductions on my 2015 taxes?  Property taxes are due in January, but I will pay them this month.  Same for my insurance policy, due in March, will pay this month.  Maybe make January's mortgage payment this month.  Those are all fairly common ideas I think.  Anything else?

Thanks for your help.

[Henry J.]

For the property itself I'm guessing it will be a tax loss this year when you include your depreciation and property related expenses (ie loan app, rehab, phone charges, travel, property tax, etc). If you are still tax positive (not sure if term is correct), check with your accountant to see what other business you can use against the property.
Depending on your gross income level and how you manage your property, you may not be able to write off anything on your other income from the tax loss of your property. Definitely talk to your accountant about this.
Happy holiday!
Henry