What Are The Top Landlord Tax Deductions For 2021?
2022 is officially here, and if you’re like most landlords in the Portland area, you’re either preparing for filing taxes with in the coming weeks.
The key to success with filing taxes is being able to claim as many deductions as you can, and the great thing about being a landlord is that there are wide variety of deductions that you can qualify for including the following:
Interest And Depreciation
Interest is by far one of the most time-tested tax deductions that landlords can claim.
Since just about every landlord these days is financing their rental properties, landlords have the ability to write off any interest that they may have paid on mortgage loan payments over the last year.
Landlords and investors also have the ability to depreciate rental properties if it meets the following IRS requirements:
- You own the property (you are considered to be the owner even if the property is subject to a debt).
- You use the property in your business or as an income-producing activity.
- The property has a determinable useful life, meaning it’s something that wears out, decays, gets used up, becomes obsolete, or loses its value from natural causes.
- The property is expected to last for more than one year.
Deducting interest and depreciation are not the only two tax deductions that you qualify for as a landlord.
The good news is that you can also deduct payments that you’ve made over the last 12 months for insurance policies like landlord Insurance, fire Insurance, theft Insurance and flood insurance.
You can also deduct payments made to contractors, employees, and also payments for Professional Services as well.
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