Team Thayer Property Servicing

If you receive rental income from the rental of residential homes, specified rental expenses may be deducted on the owner’s tax return. Such costs may include interest on the property loan, owner’s property tax, operating costs, home value depreciation, and repairs.  Deductions may include the average and requires expenses for operating, protecting and maintaining your rental real estate investment. Ordinary expenses are those that are typically included in the business of managing rental homes.  Necessary expenses on rental homes are those that are deemed appropriate, such as: * interest on home loan * advertising costs to rent the home * homeowners taxes * property maintenance * household utilities  * home insurance. A detailed log covering the cost of home repairs on the rental property may include: staining wood, painting, fixing plumbing leaks and replacing damaged doors, windows or other home features of the rental property. “You can deduct the expense...

Being a landlord is not as simple as it appears. You should understand the responsibilities and repercussions before foraying in this segment. Here are quick tips that will help you avoid adverse situations and be a successful landlord. Screen tenants Be smart, strategic but not too swift when screening tenants and checking their credit rating and references Be professional with a personal touch Tenants appreciate staying in direct touch with the landlord; so always provide for a direct hot line to them Plan your moves logically Stay abreast of the local eviction rules so that you can invoke them at the strategic moment Stress on tenant care Online managing agents should be enquired about tenant care level; else you may have to suffer from double financial setback once the tenant leaves i.e. paying agents for getting new tenants and losing income meanwhile Prepare for the unforeseen Unexpected expenses can crop up; get ready to deal with them by maintaining a re...