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Yes but it is easier if you have it in an S Corporation or an LLC.
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∙ 12y ago
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Is an interior door an expense or improvement on a rental property?
Expense - rouine maintenance and upkeep.
Is the mortgage of a rental house considered a business expense?
yes. along with repairs to the property.
Can you collect unemployment benefits in Washington state if you own rental property?
Having rental property assumes receiving rent, which makes you "self-employed". Referring to the section "What Can Be Deducted From My Benefits" in the Related Link below, you must report the income and it would be deducted an a prorated basis from your unemployment benefits.
What tax implications will I face from purchasing a Real Estate Rental property?
Purchasing a rental property can be an excellent tax advantage, actually. YOu will be able to deduct most of your maintenance, repair, interest, taxes, and some travel expenses - similar to running a business, the costs of maintaing the home will be deducted from your actual rental income.
Is equipment rental an expense?
Yes if equipment is leased on rent then rental payment is expense through income statement of that specific fiscal year.
What is the Depreciation of a replacement air conditioning unit on rental property?
If the rental property is residential rental property, depreciate over 27.5 years. If this is non-residential rental property, depreciate over 39 years.
What would I say my profession was if I owned apartment complexes?
landlordowner of rental propertylandlordowner of rental propertylandlordowner of rental propertylandlordowner of rental property
Can I deduct mortgage interest on rental?
Yes, it is NOT a personal deduction, but will be an expense against the income...on either your schedule C or I, depending on how your handling the property 9as a business or as an investment).
Can a landlord lose his rental property because of unpaid medical bill liens?
Generally, yes- if the following three factors apply: he is the owner of the property; a creditor has obtained a judgment lien; the lien is for an amount great enough to warrant the expense of taking possession of the property.
Can mobile home park rent be deducted as a business expense if the mobile home is used as a rental?
It depends entirely where it is - and you didn't say. In many states of the US, grants and benefits are given IF the owner lives in the mobile. For one thing, you would not get these if you used it as a rental. Secondly, unless the pad rental is really low it hardly pays to use one as a rental. Most renters don't care about upkeep and your mobile would quickly lose real value.
Where can one get rental property loans?
Many people are considering taking advantage of the current economy and get rental property loans. One can get rental property loans from one's local bank.
Can you get refinanced if the property is rental property?
It is possible to get refinanced for a rental property. The type of refinance would be called non-owner occupied real estate. Rates are often higher for rental property because they are not your primary residence.
