| If you are a landlord or property manager, knowing | | | | Unless you are awfully rich, you would have taken out |
| your rental property tax deductions is vital for cutting | | | | a mortgage loan to pay for your property investment. |
| your taxes to the minimum. Find out how to enjoy | | | | Fortunately you are allowed to deduct this sizable |
| lower landlord taxes and boost your profit margins | | | | interest charged by your bank or mortgage lender. |
| right now. Rental property tax deductions are basically | | | | If you pay for any of your rental expenses by credit |
| rental expenses that you are allowed to deduct when | | | | card, you will also be allowed to deduct the relevant |
| calculating your taxes. They are crucial because they | | | | credit card interest from your total taxable income. |
| will reduce your total amount of taxable income. | | | | 4. Your Property Repair and Maintenance Bills |
| To cut down your landlord taxes, you can should to | | | | The money that you fork out to maintain your rental |
| include as many tax deductions that you are allowed | | | | home in habitable condition is also tax deductible. This |
| to use. The following are the common and important | | | | refers to any repairs or maintenance that are |
| deductions that you can enjoy as a landlord: | | | | conducted to make sure that it meets your local health |
| 1. The Depreciation Value of Your Property | | | | and safety housing standards. |
| When you buy a new rental home, you cannot claim | | | | However you must know that any home |
| the full amount that you paid for it as expenses right | | | | improvements that you carry out for the purpose of |
| away. Instead your property is slowly depreciated | | | | boosting the values of your real estate cannot be |
| over a long period of time. | | | | considered as a deduction. If you hire a contractor or |
| Depending on the country that you live in, most | | | | repairman for repairs, make sure you ask them to give |
| depreciation periods for residential property range from | | | | you a receipt with the property costs and type of |
| 20 to 30 years. Home owners are usually not allowed | | | | repair work stated on it. |
| to claim depreciation as tax deductions so you will not | | | | 5. Travelling Costs for Managing Your Real Estate |
| be able to apply this to your own home. | | | | Any travelling expenses that you rake up for rental |
| 2. The Premiums for Your Landlord Insurance | | | | activities such as rent collection and property repairs |
| Being a landlord means that you will usually have to | | | | are also tax deductible. You are usually allowed to |
| buy a series of insurance polices such as building | | | | deduct both your gasoline costs and vehicle's |
| insurance, home contents insurance and landlord liability | | | | maintenance bills. If you own rental properties abroad |
| insurance. | | | | and you travel overseas for real estate activities, you |
| You will be able to treat the premiums that you fork | | | | may even to claim your airplane tickets, hotel stays |
| out for all your landlord insurance policies as tax | | | | and travelling fares as rental property tax deductions. |
| deductions. If you employ people to manage your | | | | The tax agencies in most countries will monitor your |
| rental real estate, you will be able to claim the premium | | | | tax claims for overseas travel quite closely so be sure |
| for their worker insurance as rental property tax | | | | not to abuse the system and keep proper written |
| deductions as well. | | | | records of your spending such as receipts and bills. |
| 3. Interest on Your Mortgage and Credit Cards | | | | |