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Homeowner Association dues, magazine subscriptions, and any other dues and fees that are necessary for managing investment activities can be written off in the year they are paid. Generally, amounts paid or incurred for membership in clubs organized for pleasure, recreation, or any other social p...
01/15/2014
Do deduct common cleaning expenses necessary for the upkeep  and good working condition of your property. Common expenses are lawn maintenance, carpet cleaning, and other janitorial services. Cleaning and maintenance expenses may also include the cost of cleaning out a property for a new tenant, ...
01/15/2014
If you spent too much on property related expenses, you can try increasing your rental income to offset this loss. You can offset your rental losses by collecting rent in advance. In a tax year, if your rental property expenses exceed your rental income, and AGI limitations do not allow you to cl...
01/15/2014
Taxes paid on property assessed by a local government or other taxing authority are deductible when paid. Common fees include taxes paid to your city, county, or school district. If you have a mortgage, usually the total amount is reported on your mortgage interest statement (IRS Form 1098). Most...
01/13/2014
Tax season is knocking on your doorstep, well almost anyways.You can reduce your tax amount by keeping this simple tip in mind.Delay collecting your rent and you can minimize your total taxable income. Delaying rent collection during the last months of the year may offset rental income and put yo...
01/09/2014
Yes, that may sound crazy, but its in the IRS Publication! Buy a Hummer and get your deduction. Let me tell you the why's and how's. There’s a loophole for vehicles like Hummers, and it’s huge. You can qualify for a $25,000 write-off if you purchased a vehicle weighing over 6,000 pounds and used ...
01/09/2014
Depending on how big your rental business and how established your insurance plan is, costs to insure rental property are deductible, so depending on how you structure your rental business, you may be able to cover your life and medical insurance as part of the rental business. Structuring your r...
01/08/2014
Tax season is right around the corner and I thought this tip regarding investment losses may be useful. Real estate professionals can claim unlimited investment property losses against their AGI regardless of how much they or their spouse earns. People at high income brackets cannot claim losses ...
01/08/2014
First of all, Happy 2014! Are you planning to ensure your rentals dont stay vacant for long? Then advertsing for them is sure to be on top of your list. IRS is happy to let you spend for them as long as they are necessary and relevant. You can deduct any advertising expenses that are considered “...
01/06/2014
If you run up a lot of mileage commuting from one rental to another, this tax tip is for you! Auto expenses incurred exclusively for rental activity can be fully deductible and using the actual expense method over standard mileage may be more beneficial especially if you incurred a lot of expense...
12/18/2013
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Amanda Elliott

Property Management Software
local_phone510-790-9066
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