Maximize your deductions
If done right, owning rental property is arguably the most reliable sources of investment income around. You just have to maintain your property and keep them rented…right? Yes and no.
It’s true, well maintained properties with low vacancy rates are your primary drivers of profitability. But, maximizing tax deductions for rental property is another important factor to your bottom line.
Keep your income protected
You need to protect as much of your rental income as possible. That’s why RenterKeeper’s motto “It’s not how much money you make, it’s how much you keep” isn’t just a slogan, it’s our way of doing business.
By understanding how deductions can significantly reduce the amount of your tax liability, RenterKeeper helps you keep more of your rental earnings out of the hands of the IRS.
Deduct rental expenses
There are two ways you can protect your rental income. One way is lowering your expenses. That’s not always possible. The other way is to make sure each and every expense works for you towards reducing your taxable income. Maximizing tax deductions for rental property begins with taking advantage of every income tax deduction allowable.
Because you don't want to spend a lot time tracking and categorizing tax-deductible expenses, we've simplified the process for you. Our members gain accesss to a comprehensive list of 31 expense categories at their fingertips. Designed with an intuitive approach, our app ensures that no deduction goes overlooked. An efficient and accurate reporting system means fewer headaches during tax filing season.
You want to focus on a healthier bottom line, so you can buy more properties. Do this by maximizing your rental property deductions so you can add to your savings. That's money you can use to help grow your rental property business.
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Track 31 Rental Property Expense Categories.
It’s important to properly categorize your expenses in order to get the full benefit from your deductions. Using categories to keep track of your rental property expenses makes the tax deduction process easier during tax season.
Good record keeping can also help you sleep at night. Instead of worrying about audits, you feel confident, knowing you’ve kept good expense records.
- Mortgage Interest: Unless you own your rental property free and clear, your mortgage is a significant portion of your yearly expenses. Deducting this expense is a must.
- Property Taxes: While your property taxes are an unavoidable rental property expense, good news they are unavoidable.
- Insurance Premiums: Premiums for landlord insurance, which covers property damage, liability, and rental income loss, are typically tax-deductible.
- Maintenance and Repairs: Expenses created from maintaining your rental property are deductible. Examples are costs for fixing plumbing issues, repairing appliances, as well as cleaning and painting a unit after a tenant has moved out.
- Utilities: If you're paying utilities for your rental property (water, gas, or electricity,etc.) make sure you deduct these expenses from your taxable income.
- Travel Expenses: If you do any traveling for the purpose of purchasing rental property, visiting property you own out of town, or conduct any other rental property business while traveling, you can deduct any business expense paid as a result of your trip.
- AND MORE...!!
Track your tax deductible expenses in a few clicks
Your ability to keep track of rental property expenses is only as good as your system. If your system is overly complicated you’ll be inconsistent. Keeping good rental property expense records doesn’t have to be hard. RenterKeeper simplifies your rental property bookkeeping. We’ve organized all the deductible rental property expenses the IRS allows into categories so you don’t have to.
Even if you normally pay your business expenses with a credit card or check, sooner or later you’ll pay for something in cash. It could be that your handyman prefers cash for repairs, or you’ve maxed out your credit card at Home Depot. Whatever the reason, cash payments have the disadvantage of slipping through the cracks when it comes to maximizing tax deductions for rental property.
By making it quick and easy to track your handyman payments and other rental property expenses paid in cash, RenterKeeper helps landlords use those cash payments to offset taxable income. With 31 tax deductible rental property expense categories in a few clicks, you’ll take full advantage of each and every single deduction the IRS allows.
