Rental Property Tax Deductions For Landlords

"refinancing costs these are for when you refinance alone you get the the closing statements and this is called amortization other financing chemist's so that is one of the highly winding where frequently missed tax deductions that we see for rental properties"

"special assessments we're all familiar with association fees either for condos for townhomes but basically there's a special assessments these might be semiannual this might be annual this might be once in a blue moon you know this could be anything from an elevator repair to the roofing repair to something special basically it's a special assessment so if something like this happens definitely want to deduct it"

"it's depreciation its depreciation of your home in general its depreciation of addition or an improvement so basically depending on the useful life of your property or the asset that you place into service you know could be five-year property it could be 50 your property or improvement to the property itself which is 27 and a half residential rental properties this is a category that we surprisingly see missed quite frequently"

"association fees so association fees this is in reference to the monthly association fees that you would be paying for upkeep general maintenance you know these would be deductible in full for your residential rental property"

"insurance even though that sounds very straightforward it's actually very surprising how many times people miss the insurance expense because sometimes it's on your sometimes it's on your 1098 sometimes it's on your escrow sometimes people just forget about it you know could be here a year liability policy a landlord policy or whatever it may be but basically any kind of a shirt insurance associated with your residential rental property it would be of course introduction so please don't miss that"

"the four-year residential rental property utilities a lot of times we get our clients saying no the tenants pay for everything well a lot of times I guess okay the TENS pay for the water and they're oh no you're right you know they pay for electricity they pay for the Internet they pay for the heat gas but oh you know what you're you're still stuck paying the the water bill so if you're paying to get a deduction for it so don't overlook that so make sure you have all the utilities"

"the Commission's the broker commissions usually will charge one month's rents you know that's that's very standard so in that case you want to make sure you get a deduction for that so please keep in mind that those Commission that you pay to a third party or any third party would be a deduction so please keep that in mind because we see that miss them very frequently"