A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
Don’t forget about your
Rental Property Deductions
When you own Rental
Property, there are benefits that you can take advantage of at tax time and the
tax deductions that you can take advantage of many times will make the
difference between making a profit or losing money.
If you own a rental property, the
IRS allows you to deduct expenses you pay for the upkeep and maintenance of the
property, conserving and managing the property, and other expenses deemed
necessary and associated with property rental.
Landlords can deduct wages
and salaries for employees and independent contractors.
Most small business
Property owners use independent contractors to keep their property in working
order such as Property Managers, Carpenters, electricians and plumbers.
Gardeners, roofers and painters to name a few.
Other deductions that a
Landlord can use at tax time are
Utilities, Taxes, Necessary and reasonable repairs to the property, Travel costs incurred while doing business.
In my business of Property Management in Anaheim Ca. I want my clients to understand One huge item that part
time Landlords need to know. If you had to move from your home and you
decide to rent it out. If you rent it for 3 out of 5 years and then sell, then the capital
gain is taxable, but if you sell the home within two years, then the gain is
not taxable and you are still allowed all deductions as any other Landlord.
Make sure as a Landlord
you take advantage of all allowable deductions and don’t leave your profits on
the table, or with the government.
A.D. Cantelmo Property Management Specializes in Property
Management in Orange County Ca.