Tax Advantages of Real Estate Investing
According to Mark Mosher, an accountant with Wilson, Harris, & Company, "rental properties have some great tax benefits". Following is a list of tax benefits:
- Depreciation: "Depreciation is one of the most significant tax benefits of rentals" says Mark Mosher, who has consulted and prepared taxes for many real estate investors. It's a deduction, but doesn't require a direct cash outlay.
- Deductions: Common expenses for investment real estate include management fees, maintenance, association fees, mortgage interest, property insurance, and property taxes.
- Income Loss: A loss on your tax return effectively saves you tax dollars. Expenses, depreciation, and vacancies work together to affect the bottom line of your real estate investment.
- Other benefits: "Real estate is a great way to transfer wealth from one generation to another", according to Mosher. Another great benefit is the tax-deferred exchange, which allows investors to trade investment property for other investment property, while deferring the payment of capital gains taxes.
Source: Lawrence & Associates LLC, Winter 2007 Report
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