Repairs & Improvements
Repairs & Improvements The cost of repairs to a rental property may be deducted as a current expense. The cost of improvements must be recovered by taking depreciation. Whether an expenditure qualifies as a currently deductible repair, or is required to be...
Rental Income & Expenses
Rental Income & Expenses Rental Income Rental income includes any payment received for the use or occupancy of property. In addition to normal rent payments, the following items are reported as rental income. Types of Rental Income Description Advance rent Any...
Audit Proof Your Rental Properties
Audit Proof Your Rental Properties Has your rental property come under scrutiny by the IRS? Are they interested in your accounting for your rentals? Have you considered “audit-proofing” your rental properties? You do it to your home when you bring young children in;...
Mid-Year Tax Planning – Staying Up to Date
Mid-Year Tax Planning – Staying Up to Date Changes in your life may affect your taxes. Mid-year is the perfect time for tax planning. The following are some events in your life that can affect your tax return. Acting promptly, and being prepared for change by...Posts by Author
 Keith Huggett |
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