Many of our clients own rental properties, whether as their main business or part of a diverse entrepreneurial portfolio. At Insogna CPA, we specialize in helping property owners maximize their rental property tax deductions and reduce tax burdens with strategies that work.
Insogna CPA: Your Rental Property Tax Experts
Our deep knowledge and personal experience with real estate taxes for rental properties is an assurance that our team is up-to-date on every tax-advantaged strategy available to owners, including:
In fact, our founder and CEO, Chase Insogna, a licensed CPA, personally owns several rental properties.
Key Rental Property Tax Deductions to Consider
Depreciation is often the first deduction rental property owners think about, but it’s far from the only one. Here’s a quick rundown of other valuable tax breaks available for landlords in 2024:
- 📌 Advertising costs for listing the property
- 📌 Auto expenses for property-related travel
- 📌 Cleaning & maintenance fees
- 📌 Management fees for overseeing the property
- 📌 Supplies needed for property upkeep
- 📌 Taxes such as property taxes
- 📌 Utilities like water, gas, and electricity
- 📌 Property & liability insurance
- 📌 Mortgage interest, typically reported on Form 1098
- 📌 Repairs, whether it’s fixing a leaky roof or repairing appliances
- 📌 Legal & tax preparation fees tied to rental activity
- 📌 Non-mortgage interest, such as interest on a credit card used solely for property expenses
- 📌 Travel expenses for overnight trips to improve your property
Maximize Your Rental Property Tax Deductions in 2024
Ready to keep more of what you earn as a landlord? Let us guide you through every available deduction to maximize your rental property tax savings this year. Schedule a call with us today, and let’s make sure you’re not leaving money on the table.