Do you own a Princeton rental property? Are you looking to become a landlord? There are so many financial advantages to becoming a landlord in Princeton though many are overlooked. Here are a few quick ones that you might not know.
Did You Know?
- Landlords can greatly increase the depreciation deductions they receive the first few years they own rental property by using segmented depreciation.
- Careful planning can permit you to deduct, in a single year, the cost of improvements to rental property that you would otherwise have to deduct over 27.5 years.
- You can rent out a vacation home tax-free, in some cases.
- Most small landlords can deduct up to $25,000 in rental property losses each year.
- A special tax rule permits some landlords to deduct 100% of their rental property losses every year, no matter how much.
- People who rent property to their family or friends can lose virtually all of their tax deductions!
If you have any questions or would like a professional opinion as to what your investment property might be worth in today market, call me (c) 609-977-5343. – Julie
