Many homeowners have considered becoming a landlord. It’s an attractive option if your local real estate market is surging and rental rates are strong, especially if you’re already thinking about relocation or downsizing from your current home. In a perfect world, you’ll be able to shelter most or all of your rental income with tax […]
Tag: rental property
PAL Rulings & Rental Properties: Tax Court Rulings that can Affect Your Property
Real estate owners who rent their properties often incur tax losses due to depreciation write-offs and other allowable deductions, but the ability to deduct those losses might be postponed indefinitely by changes to PAL rules. In general, these rules limit deductions for rental property PALs to the amount of income that you have from other […]