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Savvy investors know that the key to succeeding as landlords is maintaining positive cash flow and building wealth over time. In our blog post, 5 Ways to Increase Your Rental Property Monthly Cash Flow, we outlined some tried-and-true methods of maximizing profits. Now, we want to dive deeper. There are ample ways for landlords to make the most of their investments, which we will be highlighting in our new blog category “Maximizing Rental Profits.” And we’re starting with a basic that affects every landlord: taxes. If landlords thoroughly document every allowable expense, they have a golden opportunity to reduce taxable profits, and therefore, their tax bills. This should be a no-brainer. There are ample tax deductions landlords should take advantage of, but here are ten to get you started:
Remember, in order to take advantage of these deductions all expenses have to be flawlessly tracked. If you need help with tracking, check out the Cozy Expense Tracking Tool. For more information on landlord tax deductions, visit Landlordology or our Tax Page.