April 18th is quickly approaching! If you are a real estate investor, this is a good day for you because you can enjoy the many great tax deductions available to you as an investor. In this episode, Bill goes over a quick checklist of the top real estate investor deductions so you can make sure you included all that apply before you file your returns.
One of the great benefits of being a real estate investor, besides the great cash flow and returns on your investment, are the tax advantages. The U.S. tax code is very good to investors and, for the ones who understands the tax code, it can greatly benefit your overall profitability. Today I will show you some of the many tax deductions there are available for rental property and real estate investors. It would be wise for you to take full advantage of the tax deductions available to you.
Please note I am not a tax professional, attorney or CPA. I am simply a real estate investor giving you a general overview on the many tax benefits I have learned about from having my own rental properties. If you wish to seek professional advice, contact a tax professional.
Here are some of the key tax deductions for real estate investors:
2) Loan Interest/Closing Costs/Points
3) Insurance Premiums
4) Property Taxes
8) Home Office
10) Employees/Independent Contractors/Property Management
11) Legal & Accounting/Bookkeeping Fees
12) Casualty and Theft Losses
When starting out with your first rental, you may be tempted to do your own taxes as I did. I thought it was a great idea and of course I thought I was doing them properly. As my rental portfolio grew, I decided to hire a tax professional and it was the best decision I ever made. It was because of my CPA that I learned about most of these deductions not to mention she showed me other areas in my taxes I was doing incorrectly. So, learn from me folks, its best to hire a professional to deal with taxes. Just be sure to keep all receipts and log EVERYTHING!!
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