In general, business travel expenses must be considered both “ordinary and necessary” to be tax-deductible. Ordinary means it is common and accepted within the trade or business. Necessary means it…
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Legal & Taxes:
Tax prep 101: Four steps for real estate investors
Tax season is here for real estate investors, and keeping track of expenses and saving receipts, logging rents, and tracking depreciation…it all pays off. Literally. Even if you have the…
The eviction notice process explained for landlords
Sometimes, a landlord may need to evict a tenant. It’s important to note that eviction laws vary by state. If you aren’t familiar with your state’s eviction laws, you should…
Real estate tax strategies for 2020 [+ the new real estate professional status]
We’ve covered the basics of taxes for real estate investing over the past month, including deductions, 1031 exchanges, business travel, and more. In fact, we even teamed up with the…
Capital Improvements vs. Repairs and Maintenance Expenses [2020 Update]
Once your property is in service, you’ll need to determine whether each repair and maintenance expense you incur should be classified as a regular expense or a capital improvement that…
9 Common Landlord Tax Deductions [2020 Update]
Familiarize yourself with these top landlord tax deductions that can help reduce your tax burden to the IRS. 1. Depreciation Depreciation is one of the biggest and most important deductions…
Pass-Through Deductions and Casualty Losses [2020 Update]
While not technically related, pass-through deductions and casualty losses can easily confuse even the most seasoned landlords. This article explains how and if you can take advantage of these tax…
Rental Property Depreciation Overview [2020 Update]
Rental property depreciation is one of the biggest and most important deductions for real estate investors because it reduces taxable income but not cash flow. For many landlords, the most…
Passive Activity Limits and Passive Losses [2020 Update]
As a rental property owner, it’s not uncommon for your properties to produce a net loss for tax purposes thanks to depreciation and other operating expenses. The treatment of these…
