2010 Tax Tips for Investors and Accidental Landlords from Property Management Software Company
Top 10 tax tips can save thousands of dollars
Silicon Valley , California - March 2010. Rental Software developer SimplifyEm.com has published 2010's top 10 tax tips for the 10 million real estate investors and Landlords in the United States, and the Property Managers and real estate professionals who work with them. Property Managers, Property Management Companies and Real Estate professionals can provide these valuable tax tips to their real estate investor clients for free.
According to a study by the GAO (Government Accountability Office), about 25 percent of rental property owners over reported their net income from rental real estate, by overstating rent received or understating expenses or losses. The estimated amount of net income overstated by misreporting rental property owners was $2.1 billion.
Due to the recession, there has been a significant increase in the number of accidental landlords in the US - property owners who have turned properties that they want to sell into units that they must rent out. Many of these individuals will be including their rental property income and expenses in their tax filing for the first time. The top 10 tax tips for 2010 will help them save them thousands of dollars by minimizing their taxes.
Everyone's tax situation is different, and the tax tips should not substitute professional advice. Rental Property owners should always consult with their tax advisors to consider specific factors that might affect their situation.
The top 10 tax tips for rental property, and other rental property tax deductions, are available at Property Management