Year End Tax Tips for Furnished Rental Properties

December brings holidays, presents, joy, eggnog and, of course, year-end tax planning. Most of us need to make sure our company’s financial house is in order before midnight rings in on New Year’s Eve. If you’re not doing so already, you need to think of your rental property as a “company,” and one that requires proper tax planning. Here are some tips to get you started: Cross check your expenses with your income: If you’ve had a great income producing year, it’s likely you have had only a few deductions. If you want more deductions so you can lessen...