It's that time of year again: time to pay our taxes. But for property owners, there are lots of tax write-offs to take advantage of before April 15th rolls around. Here are some you need to know about:
Interest on Rental-Related Loans. If you're paying interest on loans used to buy your rental property, you can write it off at the end of the tax year. You can also write off interest you're paying on credit cards you've used to purchase goods and services for your rental property.
Whether you're scouting out a new investment opportunity or for research, if it's related to your rental property, you can write off expenses. That includes airfare, lodging and meals!
Repairs and Maintenance
If you're buying new light bulbs, replacing your resident's smoke detector batteries or changing out their HVAC filters, you're on track for a tax write off. You can also write off landscaping charges, pest control and any cleaning supplies you buy for your property.
Go ahead and write off any utilities you pay on behalf of your property. That includes cable and internet packages, electricity, gas, water and sewer fees.