Are there any special considerations for people with rental properties when it comes to filing taxes?

Report all rental income on your tax return and deduct the corresponding income. A good record will help you monitor the progress of your rental property, prepare your financial statements, identify the source of receipts, keep track of deductible expenses, prepare your tax returns and the supporting elements contained in tax returns. With all the forms and paperwork, it might be a good idea to hire a tax preparer to help you, especially if it's your first tax season as a homeowner.

Eva Dougherty
Eva Dougherty

Lifelong baconaholic. Webaholic. Professional bacon guru. Evil travelaholic. Total tv lover.

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