When it comes to be tax time each year, it is important to know what you can write off if you are a landlord. Here are three things that have to do with construction that you can write off on your taxes.
The money you spend on repairs to an investment property are fully deductible for the tac year they occurred. The repairs must be ordinary, necessary, and reasonable in amount. Make sure your expense is a repair and not an improvement.
A few examples of deductible repairs are painting, replacing gutters or floors, fixing water leaks, plastering, and replacing broken or damaged windows.
Someone has to perform all of those repairs, right? Whenever you hire someone for services on your investment property, you can deduct the cost as a business expense. This is true whether the person is an employee or a contractor.
Mother Nature happens. It is very possible (especially in Michigan) for a property to sustain damage from a storm, flood, lightning strike, or other natural disaster. If your investment property is damaged by a sudden event you will be able to deduct at least some of the loss from your taxes.
How much money you’re able to deduct depends on the amount of property destroyed and also depends on if the damage was covered by homeowner’s insurance.
Aaron’s Restoration has been providing emergency restoration services to residents in Michigan including Macomb, Oakland, Wayne, St. Clair, Lapeer, Washtenaw, Monroe, and Livingston counties. A veteran-owned business, Aaron’s Restoration has been helping residents of Michigan with Storm damage for more than 15 years.
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