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In this video I’m going to give you 7 great deductions you can easily apply to your real estate related taxes.

Repairs — Repairs and supplies needed for upkeep of the property are deductible. Great for saving on your income tax.

Home Office — If you work from your home, you can take the home office deduction. This means you can deduct that portion of your home’s expense, such as mortgage payments, tax and insurance, utility payments, etc., related to your home office. (Separate Meter is usually safer for these deductions, otherwise its a percentage of total home sq.ft.)

Depreciation — Now most people know you can depreciate a residential building for 27.5 years but

You can also depreciate the parts that make them habitable – HVAC equipment, hot water heaters, plumbing and light fixtures – depreciate at different rates

Office Deductions — Office supplies and equipment are deductible. Cell phone, computer, printer, paper for the printer, envelopes, stamps. If its related to your real estate business, it may be a viable income tax deduction.

Business Expenses — Subscriptions, dues and fees are deductible. Internet, newspaper, real estate events, REIA groups, seminars – These are all things that are likely tax deductible for real estate investors.

Mileage — Do you drive a car?  Mileage of your personal vehicle is deductible. SImply keep a log of the miles driven related to your real estate activities and the savings can really add up.