Unlocking Tax Benefits: The Complete Guide to Deductions for Investment Properties By Monica Hill
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nvesting in real estate can be a lucrative venture, and one of the most attractive aspects of owning an investment property is the potential for tax deductions. As a property owner, you can take advantage of various tax write-offs to reduce your taxable income and potentially increase your return on investment. In this article, we will explore the key tax deductions available to owners of investment properties, allowing you to maximize your tax benefits while staying compliant with the tax laws.`
MORTGAGE INTEREST
investment property owners is the mortgage interest deduction. You can deduct the interest you pay on your mortgage or loans used to acquire, improve, or renovate the investment property. However, there are a few rules to keep in mind: 1.LIMITATIONS:
The Tax Cuts and Jobs Act of 2017 has placed some limitations on mortgage interest deductions. For properties purchased after December 15, 2017, you can only deduct interest on mortgage debt up to $750,000 if you are married filing jointly or $375,000 if you are single or married filing separately.
One of the most significant tax deductions for AUGUST 2023
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