Real Property Management Lehigh Valley

Tax Deductions for Landlords

Taxes are inevitable. Everyone has to pay them in one form or another. As a property owner and especially as a landlord there are some things that can help alleviate some of that tax burden. A recent article from landlordology.com discusses the top 15 tax decuctions for landlords.

One of the most overlooked, however, are management fees. According to the article:

Even the best landlords need help from time to time. If you hire a property manager, or even an on-site manager, you are allowed to deduct that expense.

• Property Management Companies
• Individual Property Managers
• On-site Manager
• Condominium Association Fees
• Special Assessments

Not only do you benefit from the expertise of a professional manager but you're able to deduct those expenses on your taxes. Sounds like a win win.

Before claiming any of these deductions, be sure to consult a tax professional and to have detailed and thorough records to back them up. The IRS scrutinizes these deductions (some more than others), and you need to be prepared should you get audited. If you fail to have proper receipts and cannot validate the business necessity of each expense, you will have to pay the amount due, with interest, if you get audited.

For more information on how RPM Lehigh Valley can help maximize the return on your real estate investments visit us at www.rpmlehighvalley.com or call 610-392-6808.