Can You Deduct Your Mortgge Payment From Taxes?

| Total Words: 458

As a landlord, you will want to make sure you take advantage of all of the tax benefits you can receive by owning a property. There are many other deductions than just the obvious ones. Expenses incurred to cancel a lease, reimbursements to renters for expenses that they have incurred and many others exist. Make sure you are taking advantage of all of the expenses you have.

Interest. Mortgage interest payments on the loan to purchase the rental property are a deductible cost, but make sure you also deduct interest on loans for improvements to the property, as well as credit card interest for credit card accounts you use to purchase any items or services for the property. Interest can be one of the largest deductible expenses for a landlord.

Depreciation. The cost of your property is recovered over time through depreciation. After the second year of ownership, you can claim depreciation over a 27.5 year period.

Repairs. Any repairs you make to the rental property are deductible expenses in the year the expense occurs. These include painting, replacing broken windows, hiring a plumber to fix leaks, putting new flooring down, plastering walls. To qualify, you...

To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...

** PLR to VIDEO: Create Awesome Videos From PLR Articles... FAST!...