Understanding and accurately tracking your rental property tax deductions will enable you to identify areas of weakness and opportunities for growth, streamline operating expenses, and maximize end-of-year deductions for increased real estate portfolio profitability.
In this episode, we continue our conversation from episode 1 and dive even further into real estate mistakes and learning opportunities that can make you a better investor and the numbers that Sharon and Brandon pay attention to when analyzing a new deal or the success of their portfolio.
Real Estate Investor
When it comes to finding a good CPA or accountant, Lechter advises, "Ask them how many real estate clients they have because you want to make sure they’re not learning on your dime."
Minimize your tax liabilities by accurately tracking your rental property tax deductions with an industry specific property management and accounting system like Landlord Studio:
Never miss a tax deduction for your rental property again and scale your rental business with simplified accounting.
Understanding rental property taxes is essential if you want to operate a profitable rental property portfolio.
Travel and mileage make up a significant tax deduction for landlords. Keep detailed records using software like Landlord Studio.
We take a look at the Schedule E from a real estate investors point of view and what each of the Schedule E categories mean.