Income Property Tax Deductions To Discuss With Your CPA
Investing in income producing real estate can be very rewarding. Some of the best benefits of owning residential or commercial rental property are the tax deductions which can have a positive impact on your rate of return. Be sure to ask your CPA about these and any other deductions available to you when considering real estate investments:
Real Estate Tax Deductions to Discuss with your CPA:
- Closing Costs
- New Mortgage or Refinancing Fees
- Loan/Mortgage Points
- Operating Expenses – Costs associated with the operation and maintenance of an income-producing property.
- Mortgage Interest
- Capital Improvements
- Personal Property – ie. Furniture, appliances, equipment, etc. not permanently attached to the land.
- Depreciation
- Residential Real Property can be depreciated over a 27.5 year recovery period
- Non Residential Real Property can be depreciated over a 39 year recovery period
Every situation and property is unique, so it’s important that you consult with the right professionals to understand YOUR specific big picture. Invest with a plan for ultimate financial success!
Specializing in San Luis Obispo County Investment Properties Contact Pedro Plascencia at (805) 234-3956