Are you renting a property or know someone who is? Good news- you may be able to deduct some home improvement costs. How you might ask? Only if you are not personally using the home for 10% of the number of days you rent it out.
If you do not take the deduction for home mortgage interest, but rather, claim the expenses related to the property in addition to rental income received, then those expenses may include mortgage interest, real estate taxes, and more. Overall, the total of those will diminish the amount of rental income that is actually taxed.
Check out www.zuelchandzuelch.com for tax tips and more!
Facebook.com/ZuelchAccounting
Twitter @ZuelchandZuelch