Ah, it’s spring, warmer temperatures, and tax deadlines. We can’t do anything about the first two items, but using a property management company like Propman can certainly have its tax benefits.
First, as a property owner, the professional services you use to maintain your investment may be tax deductible, including property management fees. By using Propman Property Management, you can most likely claim a deduction on the cost of our services, but be sure to keep your invoices and owner’s statements as proof of payment. Contact us if you need replacement copies.
Propman can also help you organize your filing paperwork by maintaining and issuing the required paperwork. That way, if you are not the most skilled at organization, you can rely on us for the necessary records. This allows you to take the maximum deduction and eligible credits. We can also share information about investment opportunities.
For any repairs or work done on your property, Propman also retains receipts and reports and can provide them for your tax records. These items can serve as deductions or can provide tax credits as with deductible energy-efficient upgrades. Our accounting can be of great assistance to property owners who live out of the Northern Virginia area, as well as local owners.
If you need additional information regarding your paperwork with Propman Property Management and your northern Virginia rental properties, please contact us anytime at Propman.
Propman Property Management is not a tax expert. If you have questions about your taxes, please contact your CPA or tax professional.
- Propman’s New Website Offers Expanded Benefits
- Propman Inspections Protect both Owners & Tenants
- Safety Tips for the Older Tenant
- Does Your Regular Homeowner’s Insurance Cover Your Rental Home?
- Is Your House Prepared to Be a Rental?
- What Happens to Home Rentals in a Seller’s Market?
- We Love Hearing Great Things About Propman