Building a portfolio of rental properties is a step toward financial security. However, it is not as simple as just buying one property, and then another, and another . . . A well-developed portfolio begins with a specific financial goal and an organized plan to achieve it. For example, Zach has three children. The oldest one … Read More
The issue at hand– You have a chunk of money (perhaps you received an inheritance, an annuity matured, you sold an asset, etc.), or you have a monthly increase (a raise, a debt paid, a rental property mortgage paid off). The question– Should I pay down/off my home mortgage, pay off a current rental property mortgage, or invest in … Read More
In previous articles, we discussed tax deductions for landlords and repairs vs. improvements. Today we‘ll offer insight into ‘safe harbors.‘ The IRS offers three variations, which can help landlords sidestep the “Is this a repair or an improvement issue.“ Safe harbor for small taxpayers Safe harbor for routine maintenance De Minimis safe harbor Safe Harbor for Small Taxpayers (SHST) The SHST permits … Read More
Maintaining your rental property is a given. From minor repairs to major renovations, these repairs and improvements can be deducted from your taxable income. The key is knowing the difference between a repair and an improvement. Repairs can be fully deducted in the year you experienced it. Improvements, however, must be depreciated over multiple years. … Read More
1. Not Properly Screening Tenants: Screening all occupants that are 18 or older helps ensure you find high-quality tenants that will care for your home. Screening should include credit, criminal history, eviction history and employment verification. It’s important to set minimum criteria for each to determine a qualified applicant. 2. Not Performing Routine Inspections: Inspections are important … Read More
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