Crucial Tax Tips for Landlords, #13
Making Health Insurance a Rental Expense
Costs to insure rental property are deductible, so depending on how you structure your rental business, you may be able to cover your life and medical insurance as part of the rental business.
Structuring your rental property as a Limited Liability Company (LLC) may permit you to deduct these costs for you and your family, but you should talk to a tax advisor to find out more.
You might want to refer with IRS Publication 535 to learn more about business expenses.
Everyone’s tax situation is different, and this information should not substitute professional advice. Taxpayers should always consult with their tax advisors to consider specific factors that might affect their situation.
Did you miss these tax tips?Home Office Deduction
Use Depreciation to Lower Income
Spread Out Repairs
Utilities That Landlord Pays
Auto Expenses You Can Actually Deduct
Look For Properties While On Vacation
Calculating Gain on Sale of Rental Property
New Property Management Software Makes Tax Prep a Breeze
Sell Property To Yourself
Deduct Losses Even If No Expenses
Make Personal Interest Deductible
Hiring Family Members is a Win-Win
American Apartment Owners Association offers discounts on products and services for landlords related to your real estate 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.