Property Tax Deduction
The County officials then add all the assessed values of the property together in a county. Further they subtract the applicable deductions in order to determine the net assessed value of the county.
To cut down your landlord taxes, you can simply include every possible tax deductions that you are allowed to use. The following are the common and important deductions that a rental property owner can enjoy:
Insurance: If you are paying a premium towards the insurance on your rented property you can deduct the amount under this benefit too. Things like theft, fire, flood insurance as well as insurance for landlord liability are covered under the scheme.
Insurance: Landlords can deduct the premiums they pay for any insurance for their rented property. This includes fire, theft, and flood insurance for rental property, as well as landlord liability insurance.
The furniture that youre using part time for business purposes can also be partially tax deductible. You get this deduction by depreciating a portion of the total cost of the furniture over a period of years.