3 Rental Property Tax Deductions You Didn't Know You Could Make

Rental property tax is a rental tax imposed on rental income from rental property, such as apartments, houses, and office buildings. The rental property tax is generally set by the government of the jurisdiction in which the rental property is located.

It is typically imposed on the rental property owner but may be passed through to the tenant in some cases. In most jurisdictions, the rental property tax is a deductible expense for the owner of the rental property.

As a business owner, you're always looking for ways to reduce your taxable income. Believe it or not, there are several rental property tax deductions you may be overlooking. So before you file your taxes this year, make sure you take advantage of all the deductions available to you! This post will outline three of the most commonly overlooked rental property tax deductions. Keep reading to find out more.

The cost of any repairs or renovations you make to the property

If you own rental real estate, there's a good chance you're always looking for ways to deduct more expenses and increase your tax write-offs. One way to do this is to take advantage of the available repair and renovation deductions.

Basically, any repair or renovation that you make to the property that is not for cosmetic purposes can be deducted as an expense. This includes things like fixing a leaky roof, repairing damage from a natural disaster, or making accessibility improvements for tenants with disabilities.

So, if you're planning on making any repairs or renovations to your rental property, keep track of the costs so that you can take advantage of the deduction come tax time.

The cost of advertising the property for rent

What could be better than finding a way to deduct rental income tax? Advertising your rental property for rent is a great way to do just that. By removing the cost of advertising, you can reduce your taxable rental income by the amount you spend on advertising.

So if you spend $100 on advertising, you can deduct $100 from your rental income tax. It's a win-win situation! Not only will you save money on your taxes, but you'll also be able to take advantage of the power of advertising to help fill your rental property.

The cost of utilities for the property

Though it may seem like the taxman is always trying to get his hands on as much of our hard-earned cash as possible, business owners can take advantage of many tax deductions. One of these is the cost of utilities for the property for a rental property tax deduction. By including this deduction, business owners can reduce their taxable income and, as a result, their tax liability.

This is just one example of how taking advantage of tax deductions can help business owners save money. So, if you're a business owner, explore all the potential tax deductions that may be available to you. Who knows, you might just find a way to keep a little more of your hard-earned cash in your pocket.

Wrap Up!            

As any savvy rental property owner knows, you can take advantage of several tax deductions. But did you know there are also a number of rental property tax deductions you may not be aware of? If you're looking to save a few bucks on your taxes, be sure to take advantage of these three rental property tax deductions!