Understanding Property Tax Deductions in 2024

As a property owner, you have access to numerous tax benefits that can significantly improve your ROI. However, tax laws change frequently, and staying updated is crucial.

Common Deductions

• Mortgage Interest: Usually the largest deduction for landlords.
• Property Taxes: State and local property taxes are generally deductible.
• Repairs vs. Improvements: Repairs (fixing a leak) are deductible immediately, while improvements (new roof) must be depreciated over time.
• Travel: Expenses related to visiting your properties for management purposes.

Consult with a qualified CPA to ensure you are maximizing your deductions while staying compliant with IRS regulations.