Rental Tips, Insights, & Property Stories

Are you itching to get your tax return back? The IRS has been open for your tax filing since February 12, 2021, and you have until April 15 to submit it. With last year’s average return more than $2,500, this year may have a similar amount in store for you. 

Accurate accounting seems like one of the fundamental parts of the landlord business. It can be easily improved by building the habit of keeping digital records and separating personal and business finances.

A major reason for owning a rental property is the tax advantage, but many don’t end up utilizing the advantages because they get lost in the details. As a real estate investor, you need to make sure to take advantage of all the benefits. 

As tax deadlines approach, developing a baseline understanding of how real estate taxation works should be every landlord’s first priority. In this article, we will outline some of the basics that will help you navigate tax season and introduce you to the deductions that can reduce your taxes.

As we become more paperless, more and more tech savvy landlords prefer to file their taxes online. That means we need to become more aware of the online risks. Especially when it comes to stealing sensitive data.

Knowing which deductions apply to you as a landlord will help you take full advantage of available tax benefits during filing season – allowing you to keep more cash in the bank. Below are several equipment and supply deduction categories to keep in mind as you gear up for the big day.

As a landlord, you can claim a lot of deductions at tax time. By learning which deductions are available to you, you will be prepared to get your full benefit. Let us take a look at some of your available deductions.

Taxes are always a little daunting, but landlords have a heavier lift than the typical tax payer – and it can be especially distressing for new landlords. To help ease the burden of this fiscal responsibility, here are a few things to keep in mind. 

Understanding tax implications, especially as a new landlord, can help you strategically approach your taxes. While the real estate rental tax landscape is complicated and easy to gloss over, one important tax law you will want to understand is passive activity loss (PAL). Since most real estate rental income is considered passive income, this law will likely apply to you, and if it does not, you should know why. So let us dive in!