Crucial Tax Tips for Landlords, Tip #15
The “Other Interest” deduction is for all interest expenses related to your rental activity for which you did not receive a Form 1098.
This can include finance charges on credit card purchases made for your properties, interest paid on installment sale purchases, and other types of loans related to your rental activity.
Having trouble organizing your records? A missed expense is money down the drain.
Check out this free software that not only organizes your deductions, it creates the Schedule E for you.
Everyones 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.
For more Tax Tips and FREE Property Management Software for real estate investors, check out TReXGlobal.com.
Did you miss our last tax tip?
See How to Minimize Taxes Using An Installment Sale. From there, link to all the tips in our series.
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.