Owning one or more rental properties is an excellent way to ensure an ongoing income. Knowing the best tax reduction strategies and applying them can make your investment even sweeter.
First, a Note About Record-keeping
To ensure that you can claim as many tax write-offs as possible on your investment property, keep all your receipts–and keep good records.
Keeping your tax records organized and up-to-date will help simplify things at tax time. And, accurate records are important in case the IRS should ever audit. You will need to have receipts for all deductions and be able to show all money received….