Congratulations, you are officially a real estate investor!! This is a huge step to building wealth in the long term and I’m here to guide you.
As a landlord, you’ll be able to make quite a few deductions on your income tax. If you’re a business owner you might already have a hang on this. But if you’re a salaried individual like most of my clients, these deductions will be new to you.
Here’s a few expenses you can deduct from the income taxes pertaining to your rental property.
Internet,
Travel,
Gas,
Appliances and
Interest on your mortgage payments
I recommend you save all your receipts. You can do one of the following:
Make a spreadsheet
Save your receipts in a show box
Download the Smart Receipts app. All you need to do is take a quick picture of your receipt!
Next steps:
Watch this 2 minute video to learn more about your income tax deductions
Connect with your accountant to discuss your options and questions
Watch my webinar to learn more about ‘Building Wealth through Real Estate’.
Click here for a 15 min complimentary call or give me a call at 647-910-6100!
Feel free to forward this email to a coworker!