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 Part One: Home Office Deduction May Include Your Garage written by Kevin Clark
Certain requirements must be met, so be sure to consult with a tax adviser.
For more Tax Tips and Tax Saving Web Tools like DepreciateEm.com and DeferEm.com, check out TReXGlobal.com.
American Apartment Owners Association offers discounts on products and services related to your commercial housing investment including REAL ESTATE FORMS, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org. To subscribe to our blog, click here.   Posted on Thursday, September 18th, 2008 at 10:57 am and is filed under AAOA Forum, Make Extra Money. You can follow any responses to this entry through the RSS 2.0 feed.
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Expenses for your home office or workshop used to manage your rental property are considered deductible expenses only if you used a portion of your home exclusively and on a regular basis as your principal place of business.Even your garage may be considered storage for your tractor to cut the grass or to hold furnishings you supply.
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[...] Internet Any utility costs incurred during a period of vacancy are also fully deductible. Don’t go overboard though. Deducting large expenses during periods of vacancy can be a reason for the IRS to become suspicious. For more Tax Tips and Tax Saving Web Tools like DepreciateEm.com and DeferEm.com, check out TReXGlobal.com. Did you miss these tax tips: Home Office Deduction [...]
[...] Crucial Tax Tips for Landlords: Part Five Auto Expenses You Can Actually Deduct by Niman Singh TReXGlobal.com Vehicle expenses paid exclusively for rental activity can be fully deductible. Using the actual expense method instead of standard mileage might be more beneficial if your vehicle incurred a lot of expenses during the year.Usually the largest vehicle expense that you can deduct is depreciation, which allows you to deduct the value of your vehicle over a period of 5 years. Many times, depreciation is the factor that determines which expense method will be used. For example, a person who used a $25,000 vehicle and drove 10,000 business miles would use the actual expense method so they could take advantage of a $5,000 depreciation deduction; whereas a person with a $20,000 car who drove 10,000 miles would benefit more from the standard mileage deduction of $4,850. Consult with a tax advisor for specific rules about listed property or depreciation limits.Other deductible costs include car insurance, DMV registration fees, tolls, parking, gas, oil changes, tune-ups, tires, maintenance, etc… When deducting actual vehicle expenses, it is very important to keep a track of costs and receipts. If you do not use the vehicle solely for rental activity, then you should keep a record of mileage traveled for your business, so you can deduct a percentage of the vehicle’s actual expenses.Whether using the standard mileage or actual expense deduction, be sure to record all expenses related to your rental activity. You usually won’t know which deduction method to use, so it’s best to just keep a journal of all vehicle activities. For more Tax Tips and Tax Saving Web Tools like DepreciateEm.com and DeferEm.com, check out TReXGlobal.com. Did you miss these tax tips? Home Office Deduction [...]
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[...] for real estate investors, check out TReXGlobal.com. Did you miss these tax tips?Home Office Deduction Use Depreciation to Lower Income Spread Out Repairs Utilities That Landlord Pays Auto Expenses You [...]
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