Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
BCM
User Panel

Posted: 6/29/2015 6:25:05 AM EDT
Bought a primary residence which has a second house on the property for rental income. Previous owner was offsite and used a property manager. I will be living in the primary residence so will do the management myself as it is just the one unit. Where's a good site for info on the ins and outs of being a landlord. The current renter has a lease until February. I really want to find more about tax implications, what I can deduct tax wise etc.
Link Posted: 6/29/2015 6:39:51 AM EDT
[#1]
Quoted:
Bought a primary residence which has a second house on the property for rental income. Previous owner was offsite and used a property manager. I will be living in the primary residence so will do the management myself as it is just the one unit. Where's a good site for info on the ins and outs of being a landlord. The current renter has a lease until February. I really want to find more about tax implications, what I can deduct tax wise etc.
View Quote


You need an accountant to do your taxes. Period.  However, mortgage interest on the part of the property being rented and repairs are deductible.  So are legal fees, accounting fees, advertising, power, water and other utilities for the part of the property rented out.    Capital improvements not so much.  Other things may or not be fully or partially deductible if used for the business of property management including auto, cell phone, dining and entertainment.
You also need good leases.  You can start with basic rental ones for now but always look at other leases especially the  riders to see what clauses other Landlords use.
Link Posted: 6/29/2015 10:20:23 AM EDT
[#2]
Really isn't much to it. Get a good accountant if you aren't savvy in that area and make sure the lease is good and protects you. That's about it.
Link Posted: 6/29/2015 8:43:41 PM EDT
[#3]
I think I can pretty much do this myself. I have someone to do my taxes at year end. I just was looking for some book or website that would clue me in to things I can take off of my taxes that I might be overlooking so I can keep good records from the onset. At this point I am stuck until February with the current lease. The renter has a medium to large dog that for some reason there is nothing in the lease about and I know that the previous management agency held a pet deposit of $250 per pet. I am guessing she got the dog after signing the lease but I'm kind of stuck there until Feb. There is a security deposit of one month's rent which I have in a local bank in its own account. Other than that she seems pretty quiet, keeps odd hours, but as long as the rent gets paid not my business. I do want to find a better lease for the next time. This one is so basic it is ridiculous.
'
Link Posted: 6/29/2015 9:02:59 PM EDT
[#4]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
I think I can pretty much do this myself. I have someone to do my taxes at year end. I just was looking for some book or website that would clue me in to things I can take off of my taxes that I might be overlooking so I can keep good records from the onset. At this point I am stuck until February with the current lease. The renter has a medium to large dog that for some reason there is nothing in the lease about and I know that the previous management agency held a pet deposit of $250 per pet. I am guessing she got the dog after signing the lease but I'm kind of stuck there until Feb. There is a security deposit of one month's rent which I have in a local bank in its own account. Other than that she seems pretty quiet, keeps odd hours, but as long as the rent gets paid not my business. I do want to find a better lease for the next time. This one is so basic it is ridiculous.
'
View Quote


If that someone isn't a CPA, get a CPA.  Some of the best money you spend will be on an accountant who knows their stuff.  It will pay for itself.
Close Join Our Mail List to Stay Up To Date! Win a FREE Membership!

Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!

You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.


By signing up you agree to our User Agreement. *Must have a registered ARFCOM account to win.
Top Top