Tax deductions for rental properties

Today we are going to talk about Tax deductions for rental property

Owning rental property has many advantages, as well as tax write offs. You can deduct certain expenses that can help reduce the amount of rental income that is taxed such as:

Management fees

Depreciation

Advertising

Travel to the property

Commissions

Insurance

Legal and professional fees

Interest Expense

Repairs

Casualty losses

Make sure to discuss with your tax professional or CPA.

Always good to also check with IRS.gov for further clairifcation on your investment property.

I’m Kim Meredith Hampton, with Hampton & Hampton Management & Leasing Inc. Nobody likes tax time, but now is the time to really taking a second look at all your expenses. Till next time…