Whether a small home or large property owner, owning and renting property has significant tax implications. Knowing how best to manage rental income and related expenses can have a significant impact on your ultimate tax burden. Take advantage of the knowledge of an experienced accounting professional who understands income properties and their impact on taxes.

Income tax is payable on the net income from a rental property. That means that there are a number of deductions that can be used to reduce the amount of tax payable such as:

  • Mortgage and/or Loan interest
  • Repairs and Maintenance
  • Amortization of Building
  • Realty taxes
  • Utilities
  • Management Fees
  • Advertising
  • Legal and other professional fees
  • Credit checking fees
  • Security
  • Property Insurance
  • Other administrative expenses

Rental losses can be utilized, thereby reducing other income tax payable for the year. And remember, when sold, Capital Gains Tax is payable on the gain of Rental Properties. Before engaging in the purchase or sale of income property, talk to us to understand the tax implications. Call us, we can help you to minimize the impact and plan ways of reducing the tax payable. It can pay for itself many times over.

Before becoming a Landlord, there are several things to take into consideration Whether new or experienced, no one will claim that being a Landlord is easy. Before you begin, protect yourself. Make sure you are aware of your obligations and your rights. Several sources are available for information, some require membership fees and provide services such as potential tenant credit checks. Others are just informational. Even small home owner landlords can take advantage of these sites.

The following are some useful links:

Landlord's Source Center (
Landlord Association.Org