Noblesville Fishers, IN Accounting Firm | Rental Property Taxes Page | Erwin CPA Group

As a rental property owner, you need to either file Schedule E with your tax return or perhaps a partnership return each year.  Although Schedule E (or Form 8825 if filing a partnership return) looks simple enough, leaving off or mis-calculating just a couple of crucial items can have a huge impact on your tax liability.  The more properties you obtain, the more complicated tax return preparation can become.

How we can help with rental properties...

  • Correctly calculate depreciation.  Although a large portion of your rental property should be depreciated over 27 1/2 or 39 years, many of the components that make the real estate can be depreciated over 5, 7 or 15 years.  We help identify these components, which means you speed up your tax deductions and reduce your tax liability.
  • Help determine which costs should be expensed immediately and which ones should be depreciated
  • Determine if you either qualify to offset up to $25,000 of passive rental property losses against your ordinary income from wages and business income.... or better yet, determine if you can offset even more of your rental property losses against ordinary income because you are considered a real estate professional
  • Correctly calculate the gain or loss from sale of your property or in some cases renovations

If you'd like to receive more information about our Tax Planning Service, please complete this form.

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