Taxes & Finance
When you become a real estate investor, it’s important to start thinking of yourself as a business, rather than a personal operation. Like all businesses, you need to consider researching the rules and regulations regarding your taxes and income.
As a business, you also can take advantage of tax deductions. Doing your research on such things can end up saving you thousands of dollars. For example, some of the most overlooked expenses that can be written off on your taxes include:
- A portion of your office/home office
- Interest rates on properties you own
- Professional services, including property managers or attorneys
- Depreciation of the properties
In addition to learning more about what can be deducted from your taxes, it’s also important to do your research on how to keep track of your expenses. By organizing every detail of your expenses, you will have a much easier time preparing your taxes every year. You will also reduce your chances of missing a deduction if you record expenses as they occur.
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