Tag: rental income
Is repainting the exterior of your residential rental property deductible?
As spring approaches, you may be wondering if repainting the exterior of your residential rental property is deductible. By itself, the cost of painting the exterior of a building is generally a currently deductible repair expense because merely painting isn't...
Renting out your primary residence? If it’s less than 15 days, it’s tax free
If you receive rental income for the use of a dwelling unit, such as a house or an apartment, you may deduct certain expenses. These expenses, which may include mortgage interest, real estate taxes, casualty losses, maintenance, utilities, insurance, and...
SR Glossary: Foreign ownership of U.S. rental property
The method by which rental income will be taxed depends on whether or not the foreign person who owns the property is considered "engaged in a U.S. trade or business." Ownership of real property is not considered a U.S. trade...
Capitalization Rate: Relationship of rental income to property value
A simple methodology to determine the value of investment real estate is necessary in many financial situations. The value, generally, of business real estate can be determined using three different methods. The simplest method is recent sales of comparable property...
Tax tips to remember when renting out your vacation home this summer
Summertime is vacation rental time, and if you're the landlord of a property used for vacation rentals, the IRS has provided tips on renting a house, cabin, apartment, condominium, mobile home, or boat. Rental income must be reported as taxable...