How much will your home rent for?
People frequently purchase investment homes with the belief that their property ownership is a tax write-off. While this is often true, in many cases real estate provides an owner with virtually no tax savings at all. With tax day upon us, here are some last minute tips/ways for you to save money on your taxes by utilizing your rental property.
That’s it! That’s how easily your rental property saves you money on your taxes! Nice and easy, right? One thing to note, however, is that there are limitations that the IRS enacted to prevent the uber wealthy property owners from bucking the system. If you are potentially one of these wealthy, or if you have never filed a 1040 or Schedule E, I would highly suggest you hire a tax accountant to help you. It could save you thousands on your tax return!