Real estate is one of the best, if not THE BEST, ways to build wealth in America partially because of the tax benefits available to property owners.
With that in mind, we have assembled the list of 2022 resources and tax deductions for property owners below.
Important Note About Private Mortgage Insurance (PMI) For 2022 Returns:
Private Mortgage Insurance (PMI) for principal residences is no longer deductible on 2022 tax returns.
We have not yet been able to clarify if this also applies to rental property for the 2022 tax year.
The good news is that there are ways to eliminate your Private Mortgage Insurance (PMI) payments. For help eliminating PMI from your monthly payment, just schedule a call with Sam at www.TimeWithSam.com .
Tax Benefits For Single Family and Condo Homeowners:
https://www.nerdwallet.com/article/mortgages/tax-deductions-for-homeowners
Tax Benefits For Rental Property Owner, Including Those with Rental Units in Their Primary Residence and Roommates:
It is probably worth digging into these resources to make sure you find your particular situation and get all of the tax benefits available.
https://www.nerdwallet.com/article/taxes/rental-property-tax-deductions
https://www.irs.gov/publications/p527#en_US_2022_publink1000218957
https://www.irs.gov/businesses/small-businesses-self-employed/rental-income-and-expenses-real-estate-tax-tips
Tax Benefits For Those with Business Use Of Their Homes, Including Daycare Providers:
https://www.irs.gov/publications/p587
Tax Benefits For Those With Home Offices:
Tax Benefit For Airbnb Hosts:
https://www.hrblock.com.au/tax-academy/tax-tips-for-airbnb-hosts
Tax Benefits For Those That Also Rent Their Vacation Property:
https://www.irs.gov/taxtopics/tc415
While we have attempted to provide the most up to date information possible from sources that we deem credible, keep in mind that tax codes change regularly and some of this information may change by the time that you file your tax returns. For the most current information, we recommend consulting with a tax professional or getting a “second look” review of your self-prepared tax return from a service like H & R Block.
