Are you thinking of renting your Summit County property and letting your home work for you? 1040.com offers the following information on tax breaks for rental properties:
“Renting Part or All of Your Home”
Renting part of your main home or renting a second home can put more money in your pocket. Becoming a landlord may move you to a higher tax bracket, but you may also be eligible for certain tax advantages that lower your taxable income. You may be able to deduct some expenses that are normally nondeductible, lowering your taxable income even lower.
Renting All of Your Home
Renting a second home means you must report rental income on your return. This includes any advance rental income, where the tenant pays ahead for any month in the next year. Rental income also includes money a tenant pays you to cancel a lease early.
You are able to deduct certain rental expenses, including:
• Management fees
• Insurance
• Cleaning and maintenance
• Taxes
• Utilities – electricity, water, and sewer
Note that some of these, like cleaning, insurance and utilities, are not normally deductible by homeowners.
Now is a great time to consider getting your home ready for rental for the winter. Contact Aly or Anne Marie, 970-468-2740, with any questions about getting your home ready to rent, or to rent your property long term for the season. Any questions regarding tax / rental deductions should be answered by a tax professional.
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