Tax Deductions and Record Keeping Can Save Landlords Big Money
| If one of your goals in 2007 is to become a landlord by buying a house, condo, or even small apartment complex, the first thing you should do, if you haven’t already, is begin to educate yourself about becoming a landlord. If you’re already a landlord then you likely know that ongoing education in this ever-changing industry is a must. |  |
Here are some areas that landlords should be certain to record: mileage to and from the rental property, advertising for the property, cell phone use, computer equipment and office supplies, desk equipment, telephone line (if you have a separate line the office line can be fully deducted), Internet access, and house cleaning for the rental. “If you have a cleaning company come in to clean your rental unit, after somebody moves out, those costs are deductible. If you need to buy office supplies it might be computer paper, pens and printer cartridges, postage if you’re mailing out reminders [to] somebody [who] might be mailing the rent late or you need to send somebody a lease to sign — [all are] also deductible. Working with a qualified tax person can help you discover any deductions you might be missing and also make sure that you are operating by the appropriate IRS laws.
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