top of page
  • Sylvia Ho

Tax Traps Every New Landlord Should Avoid!

๐†๐„๐“ ๐‘๐„๐€๐ƒ๐˜ ๐“๐Ž ๐ƒ๐ˆ๐’๐‚๐Ž๐•๐„๐‘ ๐“๐‡๐„ ๐’๐„๐‚๐‘๐„๐“๐’!

During an exclusive interview with Lisa, the tax planner, she unveils the top 3 errors that she commonly observes landlords making.

๐Œ๐ˆ๐’๐“๐€๐Š๐„ #1: ๐๐Ž๐“ ๐“๐‘๐€๐‚๐Š๐ˆ๐๐† ๐„๐—๐๐„๐๐’๐„๐’ ๐‚๐Ž๐‘๐‘๐„๐‚๐“๐‹๐˜

From day one, it's essential to keep meticulous records of all your expenses.

Lisa advises using spreadsheets and reviewing closing paperwork to ensure nothing is overlooked. Remember, land transfer taxes cannot be deducted, so don't waste valuable time trying to claim them.

๐Œ๐ˆ๐’๐“๐€๐Š๐„ #2: ๐…๐€๐ˆ๐‹๐”๐‘๐„ ๐“๐Ž ๐‚๐‹๐€๐ˆ๐Œ ๐€๐‹๐‹ ๐„๐‹๐ˆ๐†๐ˆ๐๐‹๐„ ๐„๐—๐๐„๐๐’๐„๐’

Don't let fear hold you back from claiming the expenses you're entitled to. Lisa urges landlords to gather supporting documentation and confidently claim their eligible expenses.

๐Œ๐ˆ๐’๐“๐€๐Š๐„ #3: ๐Œ๐ˆ๐‹๐„๐€๐†๐„

Many landlords forget to keep tabs on their property visits, resulting in lost money.

Don't leave it on the table - keep a record of your mileage to maximize your deductions.

Beyond avoiding common mistakes, Lisa emphasizesโ€ฆ

  1. The importance of tax planning.

  2. She recommends utilizing Quickbooks for effortless bookkeeping and offers consultations to help landlords navigate their unique challenges.

With her expertise, you can stay ahead of the game and optimize your tax returns.

Don't miss out on valuable deductions and let Lisa guide you to financial success as a landlord.

Reach out now and start planning for a brighter tomorrow.

Comment โ€œ๐“๐€๐—โ€ below and I will send her details to you.

6 views0 comments


bottom of page