Tax Deductions For Landlords

Dated: 12/07/2015

Views: 1353

As a landlord who rents out a home, condo or townhome in Port St Lucie Florida, you are eligible for certain tax deductions. These deductions fall into three categories.

As a homeowner, even if you don't live there, you can take as an income tax deduction paid property taxes, interest on the mortgage and any points you paid at the time of closing.
Because you are renting the property, you can also deduct the annual cost of mortgage premium insurance, landlord insurance, water and trash bills and the cost of any repairs.
Finally, there is a third category which is a bit complicated and you should get the help of a professional. Some items can be deducted but only over a period of years, under the heading of depreciating. Items falling into this category include the price of the house, closing fees, and long term improvements such as a new furnace.

 

If you have questions about leasing your property in Port St Lucie Florida or anywhere on the Treasure Coast, please call me at 772-370-8631 or www.MyStLucieRealEstate.com

Blog author image

Richard McKinney

I have been selling real estate in South Florida since 1998 with a specialization in homes, town homes and condos in St Lucie and Martin Counties. My service areas include the cities of Port Saint Luc....

Want to Advertise on this Site?

Latest Blog Posts

Lake Charles Beauty In St Lucie West

Welcome to Lake Charles, one of St. Lucie West’s premier gated communities in Port St. Lucie. Conveniently located between I-95 and the Florida Turnpike, Lake Charles is central to everything

Read More

Best Down Payment Strategies

You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and

Read More

Refinancing Myths Uncovered

“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly

Read More

Lifestyle Of An Organic Foodie

Organic food usually tastes better, and is better for you, but it can also be very expensive compared to non-organic products. Organic food can cost nearly 50 percent more, thanks to the extra labor

Read More