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Real Estate Tax Tips for End of Year
As the year draws to a close, many people in the real estate start thinking about their tax preparation and returns. Here are a few real estate-related tax deductions to remember when you're meeting with your accountant or preparing your return:
1. Mortgage interest - self explanatory
2. Settlement costs - origination points, title fees, appraisal costs, etc
3. Depreciation - a lot of people miss this one. Can get a little complicated, but generally speaking you can deduct a "depreciation in value" from your original purchase price, as if the property were to steadily drop to no value over the course of 27.5 years.
4. Maintenance & repairs - this can also get a little hairy, as not all repairs can be deducted, but basically any work done to make your rental property "properly habitable" can be deducted.
5. Property management costs - whether a monthly percentage of rental income or singular fees for tenant placement
6. Property taxes
7. PMI
This list is in no way exhaustive, so speak to a real estate tax accountant, but don't pay one cent more than what's necessary to support Uncle Sam's spending habit! Uncle Sam's like a teenage daughter with her father's credit card... don't encourage him!CLV Group Ottawa apartments for rent and also available Sarnia apartments for rent, Toronto, Hamilton, Stratford apartments for rent across Ontario.
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02-04-2011, 03:48 AM #2
Fixer Upper
- Join Date
- Feb 2011
- Location
- France
- Posts
- 12
Great Thread..!
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