Real Estate Tax Tips - Maximize Your Real Estate Tax Deductions
In most cases, your mortgage payment includes taxes, and if you have high LTV (loan to value ratio) loan, it probably includes mandatory private mortgage insurance (PMI). These costs are tax deductible, so don't let your accountant miss them!
Regardless of what the market says about your rental property's value, Uncle Sam is willing to view it as a depreciating asset, and you can deduct the depreciation! This gets complicated, so consult your accountant, but the gist of it is that the government sees the depreciation as a 27.5 year-long decay in the value of your rental property
Source: http://business.ezinemark.com/state-income-tax-filing-online-is-the-best-way-for-us-tax-payers-16b9d1c8979.html
In most cases, your mortgage payment includes taxes, and if you have high LTV (loan to value ratio) loan, it probably includes mandatory private mortgage insurance (PMI). These costs are tax deductible, so don't let your accountant miss them!
Regardless of what the market says about your rental property's value, Uncle Sam is willing to view it as a depreciating asset, and you can deduct the depreciation! This gets complicated, so consult your accountant, but the gist of it is that the government sees the depreciation as a 27.5 year-long decay in the value of your rental property
Source: http://business.ezinemark.com/state-income-tax-filing-online-is-the-best-way-for-us-tax-payers-16b9d1c8979.html
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