Do you own rental property that's been producing a marginal profit or a loss the past few years? Short of raising the rent again, you're fighting an uphill battle as your expenses continue to grow.
Strategy: Squeeze every last tax-deduction drop from your rental activities. A little extra diligence can boost your profits or turn red ink into black.
Surprisingly, many landlords don't grab all the deductions they're entitled to. Here are 10 deductions you want to secure:
1. Interest. It's usually the biggest deduction on the list, so don't forget it. You can deduct mortgage interest on loans to acquire or improve your rental property, plus other interest incurred for assets or services used in the rental activity.
2. Depreciation. Most likely, this is the second-biggest deduction item. Recover the other property's cost through annual depreciation deductions based on the basis in the property. You must deprec...(register to read more)
- How to Fire an Employee the Legal Way: 6 Termination Guidelines
- 10 Secrets to an Effective Performance Review
- Small Business Tax Deduction Strategies
- Employees believe paychecks are accurate
- The worst vacation is the one that wasn't taken
- DOL awards Texas $15 million for Hurricane Ike recovery
- Can we mandate direct deposit?