Learning Center

Depreciation Deduction For Landlords Owning rental properties offers many financial benefits, including the ability to claim tax deductions for a variety of expenses. One of the most significant yet often misunderstood deductions is for rental property depreciation. Depreciation allows you to recover the cost of wear and tear on your property over time, reducing your […]

Deduct Employee or Contractor Wages Owning and managing rental properties often involves hiring employees or contractors to handle tasks like maintenance, repairs, cleaning, and tenant management. These expenses can quickly build up, but the good news is that wages paid to employees and fees paid to contractors are typically tax deductible expenses. If you’ve ever […]

Deduct Rental Business Home Office Expenses Managing rental properties involves more than collecting rent. It also requires organization, communication, and administrative work. For many property owners, a dedicated home office is essential for keeping their rental business running smoothly. The home office deduction is a valuable tax benefit that allows you to deduct expenses related […]

Deducting Eviction Legal Fees This Tax Season Evictions are often a final resort for landlords dealing with problematic tenants, and they can also be a costly experience. From court filing fees to eviction notices to attorney costs, legal fees for eviction can add up quickly. However, the good news is that many of these expenses […]

Deducting Local Travel Expenses Managing rental properties often requires frequent local travel. Whether you’re driving to visit a property, meeting with your tenants, or purchasing miscellaneous supplies, these trips can add up in both time and money. Thankfully, the IRS allows you to deduct travel expenses incurred for business purposes, offering you significant tax savings. […]

A Guide To Deducting Property Taxes Owning rental properties involves a variety of expenses, and rental property tax deductions can help offset the financial burden. One valuable deduction is for property taxes, which can lower your taxable income and improve cash flow. If you’ve ever wondered, “Can I deduct property taxes on rental property?” or […]

Deduct Mortgage Interest Costs This Tax Season Owning and managing rental properties comes with many expenses, but fortunately, there are tax deductions available to help reduce your financial burden and mortgage debt. One of the most significant deductions for property owners is the mortgage interest deduction, which allows you to deduct the interest you pay […]

Deducting Long-Distance Travel Expenses As a successful real estate professional, it’s likely that you’re traveling for various reasons—meeting with lenders, investors, or partners, attending conferences, or simply managing your farther rentals. If you find yourself routinely traveling for your rental property business, then the associated expenses will pile up quickly. With the upcoming tax season, […]

IRS Schedule D For Landlords For landlords, navigating the complexities of tax filing can be challenging, particularly when dealing with capital gains and losses. One crucial document to understand is Internal Revenue Service (IRS) Schedule D, which plays a key role in reporting gains or losses from the sale of capital assets. Whether you’re selling […]

IRS Form W-2 The majority of Americans who work under an employer will be receiving a W-2 form this year. If you’ve filed taxes before, then you’ve likely seen a W-2 already; it’s the form that shows how much money you’ve made, as well as any taxes, social security, and Medicare income withheld. If you’re […]

IRS Form 1120S: What Landlords Need To Know For landlords who structure their rental property business through an S Corporation, understanding the purpose and process of filing IRS Form 1120S is essential. This form plays a pivotal role in ensuring accurate reporting of the corporation’s financial activities and compliance with federal tax laws. This guide […]

Report Pass-Through Income With Schedule K-1 Navigating the complexities of tax forms is a daunting task for many landlords, particularly when dealing with entities that use pass-through taxation. IRS Schedule K-1 plays a crucial role in this scenario, serving as a tool for reporting income, losses, and other tax attributes passed through to partners, shareholders, […]