Bell Tavern Property Services

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Taxes on Your Investment Property and Maximizing Schedule E

Posted by belltavernproperties@gmail.com on December 22, 2012 at 1:50 PM

You just started having rental property in Downingtown, Exton, West Chester, Chester Springs, or somewhere else in Northern Chester County and now it is tax time and you have to file your taxes with the IRS.  What do you do?  Use IRS Form 1040 Schedule E and don't forget to list every expense you have and anything that is related to your business.  Typically, new rentals converted from original primary residences bought and converted in the last 10 years lose money once taxes and depreciation are considered and the loss goes against your W-2 income from your employer and will help you get more money back in your taxes, depending on your income bracket and how much you make.  If you have earned close to, at, or above $150,000, your crossing a threshold where the benefits of a real estate loss do little to nothing for you in the year the loss is claimed.    To make the most of your investment, your always best to work with a professional property manager who can help navigate all of the advantages of real estate for you with the least amount of headache (undefined cost.)

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