Tax Deductions for Landlords

image by realtor.com

Own a rental property? With the 2017 Tax Cuts and Jobs Act in place until January 2026, there are many deductions that rental property owners can claim. Check out this realtor.com article for more information.

Tax Deductions:

1. During the 1st year, rental owners can take a “bonus” depreciation deduction.

2. Up to 20% of rental income can be “tax-free”

3. Money spent on home improvements under $2500 can be deducted immediately.

These are just a few of the deductions that were affected by the Tax Cuts and Jobs Act. Read more about all the deductions a rental property owner can claim. And, as always, we recommend speaking with your CPA.