Tax Deductions for Landlords Asheville NC
Has there ever been a better time to own property in Asheville, NC? Despite the economic slow down related to the global pandemic, property values have continued to grow rapidly throughout western North Carolina. Many agents attest that, if anything, the real estate market flourished in the past year. In addition to the ongoing influx of residents to our area, the pandemic brought people fleeing from the claustrophobic quarantines of much larger cities. With mile-high mountains seemingly rising from Asheville's skyline, many people forced to work remotely have decided they would rather perform their duties from a home with a view.
Even with the steadily growing property values in our area, when tax season comes around, it can be enough to make you want to sell it all. Tax time does not have to be so painful. We want to make sure landlords are taking advantage of all the available tax deductions. Here are a few key tax deductions for rental property owners.
Landlord Tax Deductions for Asheville, NC Property Owners
- Depreciation of Assets: Depreciation is one of your most important tax deductions.
- Insurance Premiums: For any insurance you have specifically because you lease your property to tenants, you can likely deduct the premiums.
- Travel Expenses: If you have to travel to your property for repairs, maintenance, or management, it can be considered a deductible business expense.
- Professional Services: Paying for an accountant or lawyer can be a deductible expense.
- Repairs and Maintenance: Types of deductible maintenance and repairs include but are not limited to:
- Replacing or repairing an HVAC system
- Heating and air conditioning maintenance (cleaning condenser coils, replacing filters, etc.)
- Roof replacement or repair
- Plumbing pipes and system repair
- Erosion control and drainage improvements
- Ongoing lawn and landscape maintenance (assuming the tenant does not pay for it)
- Water damage repair and mold remediation
- Pest extermination and wildlife management
- Pressure washing
- Advertisement:If you advertise for your property, those costs can likely be deducted.
- Property Management:Property management costs can likely be deducted as business expenses. Your property managers will keep up with your expenses and be able to provide the necessary paperwork to secure deductions.
Asheville Phoenix Properties is your trusted property management company in western North Carolina. With Asheville Phoenix Properties, the cost of property management is often a wash for owners once you factor in the price of your time, our ability to analyze the market to set the right rental price, and our commitment to reducing vacancy time. Many of our services are tax-deductible, so landlords can be confident they are making cost-beneficial choices for their Asheville area rental homes. For more information about how we can help you manage your Asheville property, contact the team at Asheville Phoenix Properties today.