Jan 27th
What are some good tax tips for a new landlord?
- Posted in Taxes Q&A
- Comments 2
I have a condo that I live in and a house that I rent out. What are some good tax tips for me to maximize the amount I get on my return?
I have a condo that I live in and a house that I rent out. What are some good tax tips for me to maximize the amount I get on my return?
Use TurboTax Premier to track depreciation and rental expenses.
Treat all you clients as you would want to be treated. Don’t allow the clients the opportunity to take care of the lawn, add an amount to the rent so you might hire a landscaper.
Make sure you run a credit check, find a reason to go by their current residence to check out how they live now. Their living conditions will give you an indication of how they would treat your place.
Check with the county of state for possible section 8 clients. They make good clients and again make up a reason to go by their place to find out how they are living currently the same as you would do anyone. The section 8 check is never late and if they are you deal with section 8 not the client.
Check out the possibility of joining the local American Housing Association. This association can offer invaluable information about local rental and rents being charged as well as obtaining a credit report. They might even assist with vanilla legal opinions. Your monthly or yearly fee could be tax deductible.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”