9 Tax Write-Offs Landlords Don’t Want to Forget

As a landlord, you have access to unique write-offs that relate to your rental property that you should take advantage of when filing your taxes. Unfortunately, many landlords don’t realize how many deductions they are eligible for, and they end up overpaying on their taxes and being unable to recoup the difference in the future. What are some of the tax write-offs that every landlord should know about?

9 Tax Write-Offs Landlords Need to Know About

  1. Rental Property Search Expenses: Did you know that you can deduct the cost of airfare, meals, hotel stays and rental cars while you are hunting for a new rental property, providing that they are necessary and ordinary?
  2. Marketing Expenses: The money that you spend making classified ads and signs to advertise your property is tax deductible. You can even deduct the cost of your website!
  3. Utilities: If you cover the cost of utilities like water, sewer, gas, heating or cable for your tenants, you can fully deduct the amount that you are paying.
  4. Property Maintenance: The cost of maintaining your property can be deductible. Things like pest control expenses, HVAC inspections, gutter cleaning, powerwashing, landscaping and even deep cleaning between tenants are all tax write-offs for landlords.
  5. Property Management Fees: Did you know that the money you pay to All County Denver Metro Property Management to handle your properties is deductible? This is one of the tax write-offs many landlords forget about around tax time.
  6. Eviction Fees: One of the most expensive things you might cover the cost of during the year is the legal fees associated with an eviction. Court fees and legal fees are deductible.
  7. Employees: Any independent contractors or employees that you hire to help run your business can have their health insurance costs, wages, social security contributions and other benefits deducted as tax write-offs.
  8. Insurance: The cost of your rental property insurance can be deducted from your taxes, as well as the space of your home office if you work from home.
  9. Education: Finally, if you attend any seminars, purchase any books or even attend networking events as part of your property management business, the costs associated with them are tax write-offs.

Make Property Management Easier in Denver with All County Denver Metro Property Management

All County Denver Metro Property Management offers all property owners in Golden, Arvada, Wheat Ridge, Commerce City, Thornton, Westminster, North Denver and Brighton competent and honest property management services. From rental market evaluation to tenant placement, we can assist with all of your needs. Call us at (720) 575-6100 for a free quote.

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