Money Matters
athlete010688
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Rental Properties
DH and I are in the process of renting out our first home. We bought another home, and are wanting to rent out the home we lived in before buying the new home. I am starting to make spreadsheets and document everything for the rental property. What is some good advice for rental properties when it comes to taxes. I know we need to keep all receipts and such, but I'm looking for information on what we can deduct, etc. I've been googling information as well, but if someone has a great website for information, that would help too. Thanks!!
TTC since June 2012
Re: Rental Properties
Me and my husband bought a new house and rented out both of our old houses this year, man, what an experience!!
The following count as espenses:
Maintaining/ repair of the house, like replacing the carpeting, painting, fixing a toilet, replacing a water heater, these all can be considered as expenses. (but not upgrades, anything that increases the selling value, like replacing the carpet to new hardwood floors.)
Gas and expenses traveling to and from the rental property count as expenses as well (ask an accountant).
The depreciation of the house (there is a formula, you might need an accountant to help you with this.)
Property tax (your property tax rate will change, need to contact your local township office).
Landlord insurance (please remember to change your home owner insurance to landlord insurance, it's very different and gives you better protection). Home owner warranty (different from homeowner insurance, this can cut down on a lot of major repair cost, especially if you have an old house and not very handy yourself.)
Interest of your mortgage (huge chunck of saving!!)
Water, gas, garbage removal, landscape service, snow removal,
If you hire a professional to manage your property, the expense could be deducted as well.
Advertisement (news paper, flyer, signs) "to rent" your property.
I really recommend you contact an accountant at least the first year, we did, and learned so much about managing our finance!
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