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Benjamin Franklin famously noted that nothing is certain in life except for death and taxes. Yet on a more positive note, we can all be certain of tax deductions. And for savvy landlords, tax deductions can be significant. Let’s look at tax deductions available to landlords for business expenses, rental improvements, and pass-through businesses.
Landlords who keep meticulous records of their expenses should be able to deduct business-related expenses including:
For landlords looking to make improvements to their rental properties, there are two pieces of the tax code to take note of:
Learn more about Section 179 and Bonus Depreciation and how they impact rental renovations. Also, if you are ready to make improvements to your rental, we've partnered with LightStream, the nation's premier online consumer lender, to offer low rates on virtually any home improvement project for customers with good to excellent credit.
Landlords who own their rentals in pass-through businesses, such as LLCs, S-corps, and partnerships, can potentially deduct 20% of their business income, which could have a significant impact.