Rental properties are becoming a primary investment vehicle. Many landlords are focused on collecting rent and managing payments the accounting and taxes tend to get lost.
Rental properties have become a tax benefit due to potential deduction on tax returns. Accounting for all your rental revenue and expenses is crucial to this. We help by:
- Maximizing tax benefits to rental properties
- Proper classification
- Preparing detailed schedules of each property
We can help with determining the correct cost basis for your rental property. This is important because:
- Capital improvements / purchases increase your home value for a tax perspective
- Depreciation reduces basis