It's Tax Time!
2020 - It's Here! New Year - New Decade...
Unfortunately, it brings along an old tradition - TAXES - don't puke, it's OK - we've got you...
Let this serve as your reminder that there are tax advantages for both Real Estate Investors & Renters; read-on...
Representing buyers, sellers, as well as managing residential rental properties comes with it's fair share of experience; therefore, we're accredited in "experience" and speak from "experience"; both, personally and professionally, without carrying the "CPA" behind our name...yet? - perhaps; but, not now...Regardless, we wish to share what we know; SOOOOO - Did you know that being a landlord has tax benefits? Here are just a few of the many tax deductions allowed:
- Mortgage Interest.
- Repairs & Maintenance.
- Services (Property Management ;-)
- License & Legal Fees.
- Association Dues.
- Property Taxes.
- Dogs - KIDDING - we wish...
- Depreciation. *
* Realtors are allowed extra perks - FYI!
Just a few of the many tidbits of experienced information we love to share...there's much more behind the cover of this blog...just call Kell (612.290.6107) - she's got the skinny on the fat tax man...oh, my...what another great reason to have a kick-ass property management team on your side!
Not an Investor, yet? Or, a Homeowner, yet? NOOOO Problem - The State of Minnesota has you covered via the Renter’s Property Tax Refund IF...a portion of your rent is used to pay Minnesota property taxes. IF your landlord pays property tax on the property you rent, you may qualify for this refund depending on your meeting these requirements:
- Income-Rent Ratio.
- Valid SSN or TIN.
- Paid Rent in Minnesota.
- Lived in Building Where Owner was Assessed Property Tax.
This years form is a bit different than prior years; so, checkout this link to learn what you should be looking for and to learn a bit more about your potential tax deduction.
Attention Dog Lovers - Did you know that January is National Walk Your Dog Month?
Anyone who knows me knows how much I love being out with my dog, Marley! And I know there are many people who are looking for places to go with their pets, too. Meet my friends at Sidewalk Dog. They are a great organization and an amazing resource for all kinds of cool things to do around town with your furry friends!
Also, don't forget - we've partnered as a sponsor with the Animal Humane Society for their upcoming event, Whisker Whirl...read all about it here, where you, yourself, can enroll to attend on February 22, 2020...it's bound to be a bark of a time!
Just remember...we love you, and your pups, too - now get a walkin' to your accountants office...Posted by Kelli Johanson on