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| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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You’ll appreciate your real estate investments most at tax time
Fortunately, the government is smart enough to realize that private property owners make better landlords than it does. When you own real estate and make it available to renters, you are performing a very valuable service for your community, and the government rewards you with some impressive tax benefits. Even with recent tax law changes, real estate is still one of the best, if not the best, tax-sheltered investments you can own. But it’s not the gravy train it was before the 1986 tax law revisions. In its heyday, people used real estate to shelter incomes in excess of a million dollars a year and paid no federal income tax. Look at your paycheck stub and you will notice a deduction for Federal Insurance Contributions Act. Not only do you pay this tax, but your employer must match, too. Earned income is subjected to the FICA tax, and there’s no way around it until your income surpasses a certain amount. Both the tax rate and the amount subject to the tax have been steadily rising. On the other hand, rents you collect from real estate, no matter how large they grow, are considered passive income and are exempt from both the employee and employer share of FICA taxes. Just this tax break alone is a tremendous reason to own real estate. You can also deduct all expenses associated with investment real estate to reduce the amount that is taxable. You can deduct things like interest expense, management fees, taxes, insurance, repairs, homeowner’s dues, utilities, legal and accounting fees, and any other expenses incurred from owning and renting property. You even get to deduct a portion of the purchase price each year in the form of depreciation. Real estate agent Caesar Parisi stands ready with effective advice on buying or selling a Boca Raton FL condo. Visiting the Delray Beach community? Contact Realtor® Caesar Parisi for information on buying or selling an Atlantic Grove Condo in Delray Beach Real Estate. click here for article |
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