I wish I knew then, what I know now - Landlord Tax Edition

[Amorette Mason]

Hi! I’m working on an end-of-year newsletter for my clients that are first time landlords.  I am wondering, are there any questions that you remember having (or have) as a first time landlord that you wish you knew then, that you know now?  Thanks for your feedback!

[Joe Splitrock]

@Amorette Mason I would say for first time landlords, it is more a matter of "not knowing what you don't know". Most new landlords don't understand depreciation. They don't know what expenses can be claimed. They don't understand that some expenses split between business and personal can be partially claimed (like cell phone). They don't know about tracking mileage. These are just good FYI to explain how things work, but I am assuming you have advised on this throughout the year.