Tax Deduction For Rental Properties: 5 Things To Know

Posted onJune 01/2017By

If you are an owner of one or more rental properties, there are many ways of claiming tax deductions. It’s important to understand what you can, and can’t, deduct on your tax forms. Here are some things to know about tax deductions for rental properties and claiming rental income and expenses. You Can Claim Tax Deductions for All Rental Expenses You are able to claim deductions for all rental expenses, which include: Heat Water Hydro Property tax Deductions may be claimed for all expenses related to utilities, which can make up a large amount of the expenses on the rental property. If you are renting the whole property, you can claim all of these expenses. If you live in part of the property and rent out part, you must claim the appropriate percentage. Insurance Is an Expense If you have home or mortgage insurance for your rental property, you can…

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Finding The Right Tenants For Your Rental Property

Posted onJune 05/2015By

You’ve recently purchased a rental property. Congratulations! After you’ve fixed it up and turned it into the best housing units available in your neighbourhood, you will need to find the perfect tenants to occupy the space. Unless one of your friends, relatives or a trusted coworker is looking for housing, attracting great renters isn’t always easy, but when it’s your name on the mortgage, it’s understandable that you want to have your home occupied by responsible people. So how do you find the right tenants for your rental property? Ask the question: There is one important question you should ask all potential tenants in their initial interview. This question will tell you enough about them that you can separate the good potential renters from those you shouldn’t have living in your housing units. That question is this: Why are you moving? It’s a simple question that reveals a lot about…

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