3 Important Tax Breaks for Renters
The start of tax season is here, and homeowners everywhere are gathering their tax documents in hopes of some great deductions. Homeowners can write off their mortgage interest, property taxes, and energy efficient upgrades to their Las Vegas properties. Unfortunately, renters just don't have the same opportunities to cash in on property deductions, even if they make upgrades to their rental. Thankfully, just because you rent doesn't mean you can't enjoy some deductions. Here are 3 important tax breaks for renters.
1.) Federal Tax Break: Las Vegas property managers recommend you look over your lease carefully. If your lease requires you to make property tax payments, you can deduct that portion of your rent on your taxes this year.
2.) Home Business Tax Break: Depending on where you live and your type of business, renters may be able to write off a portion of their rent as a home office deduction. You also have the option to deduct a prorated portion of your utility costs as well. There are some strict guidelines in order to utilize this tax break so Las Vegas property management companies recommend you visit the IRS website for more details.
3.) Donations: Did you clean out your closet or donate your unsold yard sale items to a charitable organization like Goodwill or the Salvation Army last year? You can use your receipt to claim the value of your donated items on your taxes when you file this year. As if you needed another reason to give back to charity!
Property managers in Las Vegas recommend that you consult a professional tax planner before filing. If you have questions or if you're looking for your next home this tax season, please contact the Simply Property Management team at 702 487-4824.
Simply Property Management – Paielli Realty, Inc.
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