Landlords, Just For You: Top Ten Tax Deduction Tips – Part IV

The last to one chapter of the tax deduction tips saga for landlords, includes the following:

1. I am sure a lot of landlords are simply not cognizant with the fact that they can deduct almost any insurance premiums paid for rental activities. A landlord’s insurance policy may cover fire, theft, and flood insurance for rental property, including landlord liability insurance, which still makes them tax deductible. As well, they can deduct the health and workers’ compensation insurance they pay for employees, if any.
2. What is not commonly known either is that landlords can deduct fees paid to attorneys, accountants, property management companies, real estate investment advisors, and other professionals. Operating expenses paid as fees for work related to rental activities are also tax deductible.

That apart, landlords should make themselves cognisant with all rules and regulations before drafting tenancy leases or rental agreements. They must also take all necessary precautions, such as, tenant screenings, background checks on prospective tenants, including making certain all rental lease clauses are adhered to, as insurance for a litigation free landlord / tenant relationship. A simple click of the mouse and any landlord or property manager can visit www.e-renter.com for tenant screening and background check services. www.e-renter.com, the best tenant screening agency in America!