This a quick list of tax deductions on your home that you should look at before filing your taxes in 2019:
- Depreciation - This is the perceived decrease in the value of real estate.
- Mortgage interest deductions - The interest on your mortgage can be deducted.
- Cost of repairs and maintenance - The expenses for keeping up your home can be deducted from your taxes.
- Cost of services - Property managers and legal expenses can all be deducted.
- Utilities - In many cases, your utilities can be taken off of your taxes.
- Travel costs - If you have to travel in relation to your property, you can deduct those.
- Property taxes - Naturally, the taxes that you pay to the state or local governments can be deducted as long as they’re related to your property.
Check with your accountant or your tax software, but you should find that all of these deductions can make huge difference on your taxes.
King Realty Group does not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.