It's Tax Season & the Rules Have Changed for Landlords!

Dated: March 5 2021

Views: 181

The IRS defines rental income as “any payment you receive for the use or occupation of property”, and may include:
  • Normal rent payments
  • Advance rent payments
  • Security deposits
  • Tenant payment for canceling a lease
  • Tenant-paid expenses
  • Property or services received, instead of money, as rent

Tax time can be confusing for the first-time and seasoned landlords alike, as there are several requirements you must meet when filing taxes as a landlord.  It’s been an eventful year for landlords, to say the least. With eviction moratoriums and other monetary fallout from the global pandemic, it’s important to find ways to save on your taxes and take advantage of deductions.

Normal deductions include things like:

1.  Mortgage Interest
2.  Property taxes
3.  Operating Expenses
4.  Repairs & Maintenance
5.  Depreciation of Value
6.  Advertising
7.  Property Insurance
8.  Liability Insurance
9.  Property Management
10. Flood Insurance

Did you realize that the government has passed a package with relief for YOU!  Here is a little info & links on where to go to find more....

COVID Resources

It’s been a tumultuous year for landlords and tenants alike. Rental property owners have been challenged to shift their landlord practices in the age of social distancing. From transitioning to virtual property showings to wading through moratorium regulations, there’s been plenty to keep track of in the past year. Fortunately, there are key resources that can help you make the most of your tax return and determine what kind of aid may be available to property owners. The latest COVID-19 relief package offers $25 billion for rental assistance, allowing landlords to apply for funds on behalf of their tenants. provides a key list of helpful resources for landlords in the wake of COVID-19. Their resources page includes helpful webinars, editorial articles, forms, and news sources regarding the hurdles landlords have faced in 2020 and the start of 2021.

Excerpts taken from  See the full article HERE
Blog author image

Jenny Jones

"I would love the opportunity to assist with your real estate needs. I'll show you how we became & continue to hold the Top Producing sales position for the entire company. We help ....

Latest Blog Posts

4 Clear Signs This Raging Seller’s Market Has Peaked—and a Buyer’s Market May Be Slowly Moving In

Buying a home today has become a bit of a blood sport, rife with bidding wars pushing offers well over the asking price as buyers scramble to land a house.It’s been hard, we won’t lie.

Read More

Think Home Prices Are Going To Fall? Think Again..

Think Home Prices Are Going To Fall? Think AgainOver the last two years, the rate of home prices appreciated at a dramatic pace. While that led to incredible equity gains for homeowners,&

Read More

Expert Housing Market Forecasts for the Second Half of the Year 2022

Expert Housing Market Forecasts for the Second Half of the YearThe housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you

Read More

2 Reasons Why Today’s Housing Market Isn’t a Bubble

Two Reasons Why Today’s Housing Market Isn’t a BubbleYou may be reading headlines and hearing talk about a potential housing bubble or a crash, but it’s important to understand

Read More