Nearing tax time, many of us sit down, either with the computer or an accountant, and try to figure out what, if anything, we can deduct from our taxes. Luckily for those that own their home or rental properties, property taxes can be written off!
If you a home owner, you can write off the property taxes on your personal residence on your personal tax return.
If you have rental properties, you can write an abundance of items. You are allowed to write off the interest paid on the loans on your rental properties, insurance that was paid, repairs that were made, and depreciate on it as an asset. Speak with a professional accountant to get all the details on what all you can write off, because there can be a lot.
Because of this, rental properties can help to lower overall taxes at the end of the year in addition to bringing in income with rent each month.
If you have questions about investing in rentals, feel free to message me! My husband and I have owned rentals and been working with them for years!