Property Tax Information

Tax Scenarios for Furnished Houses for Rent

Whether tax season has come and gone or has just begun, if you have any furnished houses for rent, it is of the utmost importance that you know how taxes may help you to enjoy higher returns. In another CHBO article on this issue, we considered the expenses that you could (and could not) deduct at tax time, and it is a good idea to re-familiarize yourself with the viable deductions. However, many owners are unclear about rental property taxes and what the overall tax implications might be for this sort of income. One of the first issues that...

Mileage Counts When Doing Your Rental Property or Business Travel Taxes

Corporate Housing Landlords: Did you know that you can deduct mileage when traveling to and from your rental property and when doing errands in relation to your property? Business Travelers (Tenants of Corporate Housing): Same for you, you can deduct mileage when traveling for business and when driving to and from your corporate rental. Good news – for 2012, the mileage standards have increased. Beginning on Jan. 1, 2012, the IRS says the standard mileage rates for the use of a car (also vans, pickups or panel trucks) is 55.5 cents per mile for business miles driven. The rate for...