Posted in Blog  
  on Jan 24, 2014

List of Landlord Tax Write Offs

Landlords have to pay a hefty tax on the income they accrue from renting out a property or properties. The yearly taxes can take a toll on any landlord and instead of making money a landlord may just about break even. Rental properties are investments and they are a source of primary or additional income for most landlords. Thus, it is only desirable that a landlord can save as much on taxes as possible.

Here is a list of landlord tax write offs. Using these clauses or provisions as are laid out by the income tax rules; a landlord can opt for substantial deductible and can actually make a handsome profit.

Interest Payments

Rental properties mostly have mortgages and the landlord keeps paying the mortgage while renting out the property. A mortgage has a rate of interest. With each mortgage payment, a landlord is also paying a substantial interest. The amount of money paid as interest can be deducted from the rental income and this can be excluded from taxable amount.

Property Value Depreciation

Every year or over time, the value of every property undergoes depreciation. The year on year depreciation value can be used as a deductible. There are several types of deductibles one can claim with depreciation of which the best option is segmented depreciation.

Repairs & Replacements

A rental property demands repairs from time to time and might call for replacement of certain fixtures, fittings and any kind of furnishings and appliances that may be in the property. Every expense that a landlord incurs pertaining to such repairs and replacements can be accounted for in deductibles.

Travelling Expenses

A landlord may have to indulge in short distance or long distance travelling while on activities pertaining to the maintenance of the rental property. There may be numerous situations wherein a landlord has to travel to the property or to some place for property related work. All such expenses can be used in landlord tax write offs.

Home Office Expenses

All expenses, pertaining to given guidelines, which are incurred to run a home office, can be included in the list of deductibles.

Expenditure Related To Rental Property

Hiring legal or professional services, attending to damages, hiring employees or staffs and contractors to work on the rental property are all eligible for landlord tax write offs.

Insurance Payments

Insurance payments of all kinds that relate to the rental property can be included in the list of landlord tax write offs.


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