Subscribe to Blog

Your email:

Follow Us

Looking for answers?

condo association blogCan't find the answer you're looking for?  Ask your question here and we'll post it in our blog.

Browse by Topic

Most Popular Posts

Condo Association Management Blog

Current Articles | RSS Feed RSS Feed

Personal tax benefits of renting your property

Posted on Fri, Jan 08, 2010 @ 07:24 AM
  
  
  
  
  
Add to delicious  delicious  
  

I would like to know something about tax benefits if I fix up at least one of my condos to rent out. I have two, and probably will keep one condo , but the other I'd like to sell or rent. So what are the rules regarding how or when I should fix up the place for maximum tax benefit? Thanks... I don't need a particularly detailed answer because I know it may be complicated, a brief outline will help. Or perhaps point me in the right direction on the web for details. Thanks again. Cindi

Learn about condo association management

Tags: 

Comments

Cindi, there are many tax benefits to renting out your unit. 1. rent money helps defray expenses 
2. you can deduct all of your expenses, repairs, paint, upgrades, utilities, travel miles and expenses, taxes, Cell phone, etc. 
3. you can also depreciate the property. 
you must keep in mind that when you sell you have to recapture the depreciation and pay capital gains tax. 
Be sure you screen the tenants and make sure that they can afford to pay the rent. 
GET GOOD PEOPLE Remember the rules are written to protect the tenant not the home owner. Sad as it may sound. 
Talk to an accountant and good luck. 
Fran
Posted @ Friday, January 08, 2010 8:08 AM by fran
Post Comment
Name
 *
Email
 *
Website (optional)
Comment
 *

Allowed tags: <a> link, <b> bold, <i> italics