6 Oct, 2007 in
Real Estate Tips by
Cristina
URBALO
THE Real Estate BlogLatest
The comparison between Blackberry and iPhone have been popular for quite some time now, but the choosing the right phone for you might be a tough decision and especially, if it's based on a professional use.
Before the iPhone, the Blackberry was the most popular choice among real estate agents. Sure, there was the Palm with[...]
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This is a great time for buyers to invest in second homes. Chicago has an abundance of great condos at good prices with great rental and appreciation potential. Besides appreciation and rental income, second homeowners can add to their income with great tax deductions.
Mortgage, taxes and insurance
- Property taxes
- Property insurance
- Flood insurance
- Liability insurance
- Mortgage interest
- Private mortgage insurance (PMI)
- Refinance and closing fees
Homeowner’s association
- Monthly assessments
- Special assessments
Operating expenses
- Utility bills
- Expenses incurred to repair damages
- Housekeeping expenses
- Maintenance expenses and preventive maintenance
- Property management fees
Advertising expenses
Capital Improvements and amortized items
- Improvements on the home
- Depreciation Deductions
Administrative expenses
- Tax preparation
- Legal fees
- Fees to open and maintain a bank account for rental money
There are many deductions available when owning real estate. These deduction should be discussed with a tax professional before filing a tax return. More details can be found in the IRS Publication 527, Residential Rental Property