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Tax Tips for Landlords

Posted by: Chris Palmeri on April 12, 2007

With the April 17 tax day deadline almost upon us, you should be done or almost done with your return. But just in case, here’s a last minute list of things you may have forgotten, courtesy of Christine Karpinski, author of “How to Rent Vacation Properties by Owner: The Complete Guide to Buy, Manage, Furnish, Rent, Maintain and Advertise Your Vacation Rental Investment.”

Consider all your deductions, not just mortgage, taxes, and mortgage insurance payments, but hurricane/wind/earthquake and flood insurance, liability insurance, refinancing and/or closing fees, homeowner’s association dues, special assessments, travel expenses to attend meetings. Utility bills, phone, cable/satellite TV service, Internet service, housekeeping expenses, repairs, out-of-pocket deductibles for insurance claims, maintenance expenses, including lawn and garden upkeep, holiday gifts and bonuses to workers, cleaning services and supplies, including paper towels, toilet paper and cleaning solutions. Meals while you are in your vacation home on maintenance trips, property management fees and commissions, home office expenses, including computer equipment, furnishings, utility bills, advertising expenses, business cards and other printing costs, website building and hosting expenses, photography, virtual tours, deductions for improvements on your home, furnishings and décor, tools, cameras, computers, cell phones, checking account and credit card account administrative fees, postage for mailing contracts, directions, security deposits, legal fees. Educational expenses, including seminars and books about renting your vacation home! Last but not least—fees for the tax preparation.

Remember you can only deduct the portion of the above that applied to your rental business. And you need to tally up all of your revenue as well. Not just the rent, but cleaning fees, parking fees, fees for the pool or gym, pet fees and any portion of a security deposit you permanently keep.

No one said being a landlord was easy, but it does provide a healthy share of deductions.

Reader Comments

Cary Collins

August 9, 2007 9:51 PM

Please keep sending me real estate info for
Pal you made a giant list making it appear like the task is to hard to accomplish your real estate investing goals.
Freind, only if you
are doing all the task by your self then is it difficult.Example I as an investor
I partner with tax experts and accountants and business investor, investor lawyers,
and other savvy builders;and savvy financial planners, Contruction managers,and savvy computer partners; Your articles make it sound like any one who desires to get in the game of real estate should not even try since its so hard;
If you change your middle class thinking and reinvent your self image
and get skilled partners all arounnd you and especially skills you don't have around you then you can do it.

It sounds like all your conventional school training and conventional career training has set you up Pal to think only conventionally like the middle class;consider Freind,the wealthy a have detailed Mission detailed planned and savvy successful partners and skilled people all around them.

Another article I read again pointing out only negative about investing so you better not try; What the article could have said if you are
stuck you can turn the property into a temporary short term business like in a home care business you need no license for that;
or put an ad in the college paper and find couple of college kids to pay the rent; or bed and breakfast home; again another way to turn a profit. with out being stuck since your are thinking like the Rich unconventionally and legally you will be like the Rich with the right financial education one those who chooses how and when you pay your taxes. taxes;
Pal you might want change your idea of reality and start thinking like a Rich person Also ask your self
how accurate is what I'm writing about who in the investing game has succeeded and they are rich; You might want to change some of your friends and parnters it sounds like your freinds or partners have you thinking it can't be done; instead of how can I do it with the right savvy partners who want to pay the price. Choose to get financially educated Pal; During a boom or bust cycle in the market due to their financial education they will do well and even better during a bust market since they have more more financial education then the middle class .

I encouage you to read from good to great by Jim Collins and Why
we want you to be rich by Donald Trump and
Robert Kiyosaki,Rich dad Poor Dad by robert
Kiyosaki and think like a billionaire Donald Trump
and the america we deserve Donald Trump.

Any books by Dr. Dolf Deroos on real estate investing

see ya pal
One question to you how much financial education do you have and how much education do you have real estate investing?????

Good Luck to you; I leave You with this :
If you want something you have never had( Financial freedom or riches you have to do things you have never done !

Cary Collins

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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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