Fremont, California
T-ReX Property Management Software for real estate investors to save them TIME and MONEY
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April 2009
Apr. 15, 2009
Obviously, the expense of your own labor cannot be written off, but that doesn't mean your spouse or children have to work for free. Property management fees are fully deductible, so consider hiring someone that you don't mind paying, like a family member
Apr. 15, 2009
Since rental income is taxable in the year it is collected, rental losses can be offset by collecting rent in advance. By increasing rental income for the year, you have the leverage to deduct more of your expenses.
Apr. 15, 2009
You can deduct the expense of traveling away from home if the primary purpose of the trip was to collect rental income or to manage, conserve, or maintain rental property.
Apr. 14, 2009
If rental property is damaged by vandalism, the cost of repairing the property to its previous condition is immediately deductible instead of being capitalized and depreciated.
Apr. 13, 2009
Structuring your rental property as a Limited Liability Company (LLC) may permit you to deduct these costs for you and your family, but you should talk to a tax advisor to find out more. Everyone's tax situation is different, and this information should n
Apr. 9, 2009
If you give gifts in the course of your business, you can deduct all or part of the cost, but you cannot deduct more than $25 for each business gift that you gave away during the tax year.
Apr. 8, 2009
You can pay your kids to do work on your properties, and put the money in IRA accounts for them. This is especially a good idea if you’ve already maxed out on your and your spouse’s IRA contribution for the year. You’re better off avoiding the taxes
Apr. 7, 2009
Start-up expenses are costs incurred while creating an active trade or for investigating the creation of a business or trade. This includes expenses incurred when acquiring an existing for profit activity, as well as expenses incurred during the anticipat
Apr. 6, 2009
Losses incurred because of a casualty, disaster, or theft may be tax-deductible. A casualty is a loss of property (including damage and destruction) due to a sudden event that is identifiable, unexpected, and unusual. These losses may be limited, but they
Apr. 5, 2009
Selling property to your own S-Corporation may be beneficial in some specific situations, like if you are trying to meet requirements for the two year rule ($250/500k exclusion), or if you are trying to take advantage of depreciation on appreciated proper
Apr. 4, 2009
Landlords often incur expenses to light common areas or operate security systems on their properties. Other common expenses include power, water, gas, and cable, and internet.
Any utility costs incurred during a period of vacancy are also fully deducti
Apr. 3, 2009
Find your amortization deduction by adding all the loan costs from your property's settlement statement and dividing by the loan term (30 years, etc...). The yearly amortization deduction gets reported on IRS form 4562 for the life of the loan.
If you
Apr. 2, 2009
Common expenses can be advertisements on the radio, in the newspaper, classified lists, and phone books. Other expenses may include the cost of signs, banners, and postage for mailers. You can even deduct the cost of advertising for vacancies, including t
Apr. 1, 2009
Be sure to deduct the cost of expenses incurred while looking for new property. Travel expenses in connection with the management of your investments are tax deductible if they are ordinary and necessary.
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