Maximize Your Refund: Tax Tips for Landlords

It’s that time again to start gathering all of the documents needed to file your taxes.

Whether you are new to filing taxes as a landlord or have been so for a while now, it is always good to know what you can claim, especially since rental real estate offers more tax benefits than any other investment.

Below are some helpful tips that will assist you in getting the most out of your tax refund this year.

 

Common Expenses for Landlords in York, PA That May Be Tax Deductible

Travel expenses

Whether you have to travel locally or for an speedometer reflecting tax tips for york landlordsovernight trip to conduct business for your rental property, portions of your travel are tax deductible.

Keep track all of all of your mileage, tolls paid, and hotel accommodations related to business purposes including purchasing of supplies, showing the property to potential renters, or even simply picking up a rent check.

 

Interest

This is a landlord’s single largest deductible expense and forgetting to include it in your tax return can make the difference between profit and loss for most landlords.

“Mortgage interest payments on loans used to acquire or improve rental property and interest on credit cards for goods or services used in a rental activity are common examples of deductible interest” according to Nolo.com.

For more examples and information, read Deducting Interest on Rental Property.

 

Homeowners Association Dues

If you are paying a fee associated with an HOA property, those fees can be fully deducted as a business expense.

 

york landlord home office tax tipsHome Office

Most landlords use a home office or at least a space in their home to conduct their business purposes. Therefore, you can claim a portion of your housing expense against your rental income.

According to Intuit TurboTax, “for 2016 the prescribed rate is $5 per square foot with a maximum of 300 square feet.”

 

Insurance

The premiums you pay for almost any type of insurance related to your rental property can be tax deductible. Examples include: fire, theft, flood, and even health insurance if you have employees.

 

Losses or property damage

If there is damage to your rental property from natural disasters such as flooding or fire, you may be able to claim a portion of that loss.

The amount deducted depends upon the amount of damage and whether it was covered by insurance.

 

Utilities

Often when renting out a property, landlords utilities being deducted for york landlord taxesinclude some utilities in the rental price.

Any utilities that are paid by the landlord of the property are considered tax deductible expenses and can consequently be claimed on your tax return.

 

Repairs to the property

Repairs and maintenance costs can be expensed in the year that they occur.

Any items that include maintaining the property or restoring the property back into its original condition is considered a repair, whereas improvements increase the value of the property.

 

landlord tax deductionsProfessional services

Anytime you hire a professional service to help in conducting business purposes, you can claim those services on your taxes. For example, whether you hire a lawyer to help with drafting leases or hire a cleaning service to prepare for new tenants, these are deductible services.

Hiring a property management company in York is also a tax deductible service and one of our key points to the Benefits of Hiring a Property Management Company.

 

Depreciation

Improvements made to properties require you to expense the cost over a few years through depreciation. The purchase of real estate rental property is also considered a deductible tax expense through depreciation.

 

For more information on HOAs and other services York H-G Properties can assist you with, contact us today!

***We are not an accounting or legal firm. Some of these tax tips will vary by state. Please consult with an accountant if you have questions regarding any tax related questions.

22 Comments

  1. Alana Rome
    Every weekend i used to go to see this web page, for the reason that i want enjoyment, for the reason that this this website conations truly pleasant funny material too.
  2. Manuel Tam
    This is my first time visit at here and i am truly happy to read all at one place.
  3. Ethan Roche
    Informative article, exactly what I needed.
  4. Mona Appleroth
    Hello there! This is my first visit to your blog! We are a team of volunteers and starting a new project in a community in the same niche. Your blog provided us useful information to work on. You have done a extraordinary job!
  5. Floy Teresa
    Simply want to say your article is as amazing. The clarity in your post is just excellent and i could assume you're an expert on this subject. Well with your permission allow me to grab your RSS feed to keep up to date with forthcoming post. Thanks a million and please carry on the rewarding work.
  6. Amber Howland
    Fine way of explaining, and nice paragraph to obtain information concerning my presentation topic, which i am going to deliver in school.
  7. Angel Kinchen
    It's nearly impossible to find knowledgeable people on this topic, however, you sound like you know what you're talking about! Thanks
    • Chelsea Miller
      Thank you for checking out our blog and your feedback. We are always open to suggestions for our future blog posts ?
  8. Aubrey Petchy
    I think this is among the most vital info for me. And i'm glad reading your article. But wanna remark on some general things, The web site style is wonderful, the articles is really excellent : D. Good job, cheers
  9. Jeanett Wahl
    Howdy I am so glad I found your website, I really found you by error, while I was looking on Aol for something else, Anyways I am here now and would just like to say many thanks for a tremendous post and a all round interesting blog (I also love the theme/design), I don't have time to read through it all at the minute but I have saved it and also added your RSS feeds, so when I have time I will be back to read a lot more, Please do keep up the awesome job.
  10. Vickie Babin
    Informative article, exactly what I needed.
  11. Reginald McLeod
    Hello there, I do think your blog could be having web browser compatibility issues. Whenever I take a look at your site in Safari, it looks fine but when opening in IE, it's got some overlapping issues. I merely wanted to provide you with a quick heads up! Besides that, fantastic website!
  12. Gus Brothers
    Very good post! We will be linking to this particularly great article on our website. Keep up the good writing.
  13. Benjamin O'Sullivan
    Keep on working, great job!
  14. Peggy McGarry
    I do not know if it's just me or if everyone else experiencing problems with your site. It seems like some of the written text within your posts are running off the screen. Can somebody else please provide feedback and let me know if this is happening to them too? This might be a issue with my browser because I've had this happen previously. Thank you
  15. Alvade Larosa
    Great article you have got here.. I really appreciate it. Take care!!
  16. Nichol Ethacker
    I bookmarked this and will be checking back in the near future.
  17. Ashton William
    Thanks for your marvelous post! I definitely enjoyed reading it. Have a nice weekend!
  18. Klasoon
    This is a great tip. Many thanks for sharing this one.
  19. Fin
    It's hard to find well-informed people about this subject, however, you seem like you know what you're talking about! Thanks
  20. Tenneny
    Kudos. Thanks for sharing.
  21. Kaux
    Wow, that's what I was searching for, thanks!

Leave a comment