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...

Taxes: Deduct These Expenses From Your Rental Property

Wondering what expenses you can and can’t deduct come tax time? Many property owners wonder what expenses can legally be deducted from their income. This article will give you some general guidelines, however, you should always consult your accountant and financial advisor for specific advice. Maintenance Fees: Consider deducting any expense you incurred for cleaning, lawn maintenance, painting, carpet cleaning, pest control, and any other general maintenance fees. Also, you may be able to deduct mileage to and from your property, so it’s worth keeping track! Marketing Fees: You can deduct any expense incurred by marketing your property, from hiring a...