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It's Tax Season & the Rules Have Changed for Landlords!
Dated: March 5 2021
- 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:
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....
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.
Benefits.gov 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.
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