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Unlike the house you live in, practically every expense attached to your rental property counts as a deductible business expense for tax purposes. Expenses to deduct include: • Mortgage interest • Property taxes • Insurance • Homeowners association dues • Advertising (to fill a vacancy) • Utilities • Repairs and maintenance • Pest control • Landscaping • Trash pickup • Depreciation What doesn’t count as an expense? Any major repairs or renovations you perform count as capital expenditures that get added to the cost basis of the property, effectively reducing your taxable income when you eventually sell.

Mr. Crane is presently working as multi profile attributes, he is a Board Certified for the various profiles, Indoor Air Quality Consultant, Mold Remediator, Level 3 Certified Xactimate Estimator, All lines Insurance Adjuster, and Lead paint Renovator.

Money Saver's experts have checked the best home insurance and health insurance plans to help you stay stress free about the costly medical bills or house renovation charges in New York.

A thorough flip budget includes: • Investment property purchase price and settlement costs • Loan costs (such as application fees, points, and lifetime interest) • Repair and renovation costs (based on estimates from experienced contractors) • Inspection fees • Staging costs • Selling costs (including real estate agent commission and other closing costs) • Professional fees • Insurance • Property and school taxes • Utilities • Income tax provisions

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