For over two decades, South Florida based SLS Management has dedicated its business to providing superior property management services for both owners and investors alike. From seasoned multi-property investors with large portfolios, to individuals needing help managing with a second home, SLS Management has built a reputation for reliable services that deliver superior outcomes.
But with tax deadlines quickly approaching, SLS Management is shifting gears, making sure that the landlords they work with are aware of changes to the ever-evolving US tax code, and the write-offs that they may be able to take advantage of this year.
SLS Management advises that the information in this guide is for educational purposes and not tax advice. Each landlord’s situation is unique and the following tax write-offs may or may not be suitable for every situation. Those landlords seeking additional assistance should consult with their tax attorney, advisor, or reach out to SLS Management direct for assistance.
2019 Tax Write-Offs for Landlords
According to SLS Management, interest is often the single largest tax deductible expense for landlords, yet also one where some opportunities may go overlooked. Generally, any interest on loans, personal or otherwise for funds that were used to purchase or acquire investment property, or for upkeep or improvement of said properties.
Landlords are often able to recoup losses through what’s referred to as depreciation, or rather how much the property is worth for the purposes of taxation. While a great tax strategy to leverage, SLS Management reminds that as with most write-offs, certain stipulations and requirements exist.
Maintenance and Repairs
Most costs associated with repair and maintenance of a rental property are deductible in the year which they were paid.
Landlords generally don’t live in the properties that they own, manage, lease or rent. As such, costs associated with travel back and forth to such properties may represent another avenue for tax savings.
Legal and Other Professional Services
As with any business, the use of professional services such as those provided from accountants, lawyers, or financial advisors is inevitable. According to SLS Management, these fees too can also often be used as a valid write-off as a landlord.
Independent Contractors and Employees
One of the largest expenses for any business is human capital (i.e. employee and labor costs). Any employee of your property investment or management business or those contractors you hire for landlord related operations is tax deductible.
About SLS Management
For over 20 years SLS Management has built a reputation as being South Florida’s premier property management company. Founded by industry experts passionate about helping landlords improve rental property efficiency and enhancing their bottom line.
Known for exceptional service and customizable plans, SLS Management is capable of tailoring solutions for any situation.
Company Name: SLS Management Group
Contact Person: Dikla Miller
Email: Send Email
Phone: (954) 906-1560
Address:1861 N University Dr
City: Coral Springs
Country: United States