Harris, Reed & Seiferth Insurance Group
  • Home
  • Quotes
    • Business >
      • Business Quote
      • Commercial Auto Quote
      • Events Quote
    • Specialty >
      • Boatowners Quote
      • Umbrella Quote
      • Weddings Quote
      • Private Horse Owner Liability Quote
    • Property >
      • Home Quote
      • Condo Quote
      • Mobile Home Quote
      • Renters Quote
      • Personal Vacant Property Quote
      • Flood Quote
      • Landlords Quote
      • Personal Inland Marine Quote
      • Personal Vacant Land Quote
      • Builder's Risk Quote
    • Vehicles >
      • Personal Auto Quote
      • Motorcycle Quote
      • Scooter Quote
      • Snowmobile Quote
      • ATV Quote
      • Motor Home/RV Quote
      • Golf Cart Quote
      • Roadside Assistance Quote
    • Life >
      • Life Insurance Quote
    • Medical >
      • Travel Quote
      • Health Quote
      • Dental Quote
      • Vision Quote
      • Critical Illness Quote
      • Disability Quote
      • Medicare Supplement Plan Quote
      • Long Term Care Quote
  • Products
    • Business >
      • Learn about Business Insurance
      • Learn About Events Insurance
      • Learn about Commercial Marine Insurance
      • Learn About Commercial Auto
      • Learn about Workers Compensation Insurance (including USLH)
      • Learn About International Business Insurance
    • Specialty >
      • Learn about Boatowners Insurance
      • Learn about Umbrella Insurance
      • Learn About Wedding Insurance
      • Learn about Private Horse Owner Liability Insurance
      • Learn about Aviation Insurance
    • Property >
      • Learn about Home Insurance
      • Learn about Builder's Risk Insurance
      • Learn about Condo Insurance
      • Learn about Renters Insurance
      • Learn about Mobile Home Insurance
      • Learn about Personal Inland Marine Insurance
      • Learn about Flood Insurance
      • Learn about Vacant Land (Personal)
      • Learn about Vacant Property
      • Learn about Landlords Insurance
    • Vehicles >
      • Learn about Auto Insurance
      • Learn about Classic Car Insurance
      • Learn about Motorcycle Insurance
      • Learn about ORV Insurance >
        • Learn about ATV Insurance
        • Learn about Snowmobile Insurance
        • Learn about Golf Cart Insurance
      • Learn about RV Insurance
      • Learn about Scooter Insurance
      • Learn About Roadside Assistance Insurance
    • Life >
      • Learn about Life Insurance
      • Learn about Guaranteed Issue
    • Medical >
      • Learn about Travel Insurance
      • Learn about Health Insurance
      • Learn about Dental Insurance
      • Learn about Vision Insurance
      • Learn about Critical Illness Insurance
      • Learn about Disability Insurance
      • Learn about Long Term Care Insurance
      • Learn about Medicare Advantage Plans Insurance
  • Service
    • Manage Policy
    • Proof of Insurance
  • Resources
    • Blog
    • Home Inventory Checklist
    • Disaster Preparedness Plan
    • Family Emergency Plan
    • Refer a Friend
  • About
    • Insurance Carriers
    • Accessibility Statement
    • Contact
  • Home
  • Quotes
    • Business >
      • Business Quote
      • Commercial Auto Quote
      • Events Quote
    • Specialty >
      • Boatowners Quote
      • Umbrella Quote
      • Weddings Quote
      • Private Horse Owner Liability Quote
    • Property >
      • Home Quote
      • Condo Quote
      • Mobile Home Quote
      • Renters Quote
      • Personal Vacant Property Quote
      • Flood Quote
      • Landlords Quote
      • Personal Inland Marine Quote
      • Personal Vacant Land Quote
      • Builder's Risk Quote
    • Vehicles >
      • Personal Auto Quote
      • Motorcycle Quote
      • Scooter Quote
      • Snowmobile Quote
      • ATV Quote
      • Motor Home/RV Quote
      • Golf Cart Quote
      • Roadside Assistance Quote
    • Life >
      • Life Insurance Quote
    • Medical >
      • Travel Quote
      • Health Quote
      • Dental Quote
      • Vision Quote
      • Critical Illness Quote
      • Disability Quote
      • Medicare Supplement Plan Quote
      • Long Term Care Quote
  • Products
    • Business >
      • Learn about Business Insurance
      • Learn About Events Insurance
      • Learn about Commercial Marine Insurance
      • Learn About Commercial Auto
      • Learn about Workers Compensation Insurance (including USLH)
      • Learn About International Business Insurance
    • Specialty >
      • Learn about Boatowners Insurance
      • Learn about Umbrella Insurance
      • Learn About Wedding Insurance
      • Learn about Private Horse Owner Liability Insurance
      • Learn about Aviation Insurance
    • Property >
      • Learn about Home Insurance
      • Learn about Builder's Risk Insurance
      • Learn about Condo Insurance
      • Learn about Renters Insurance
      • Learn about Mobile Home Insurance
      • Learn about Personal Inland Marine Insurance
      • Learn about Flood Insurance
      • Learn about Vacant Land (Personal)
      • Learn about Vacant Property
      • Learn about Landlords Insurance
    • Vehicles >
      • Learn about Auto Insurance
      • Learn about Classic Car Insurance
      • Learn about Motorcycle Insurance
      • Learn about ORV Insurance >
        • Learn about ATV Insurance
        • Learn about Snowmobile Insurance
        • Learn about Golf Cart Insurance
      • Learn about RV Insurance
      • Learn about Scooter Insurance
      • Learn About Roadside Assistance Insurance
    • Life >
      • Learn about Life Insurance
      • Learn about Guaranteed Issue
    • Medical >
      • Learn about Travel Insurance
      • Learn about Health Insurance
      • Learn about Dental Insurance
      • Learn about Vision Insurance
      • Learn about Critical Illness Insurance
      • Learn about Disability Insurance
      • Learn about Long Term Care Insurance
      • Learn about Medicare Advantage Plans Insurance
  • Service
    • Manage Policy
    • Proof of Insurance
  • Resources
    • Blog
    • Home Inventory Checklist
    • Disaster Preparedness Plan
    • Family Emergency Plan
    • Refer a Friend
  • About
    • Insurance Carriers
    • Accessibility Statement
    • Contact

Harris, Reed & Seiferth
​Insurance Group Blog

Tax tips for accidental landlords

2/1/2021

0 Comments

 
Picture
Did you become a landlord this year by accident? Unforeseen circumstances like job relocation, downsizing, or home inheritance may have put you in this category. Now that tax season is underway, the Internal Revenue Service won't see your "accidental landlord" status as an accident. In fact, if you rent any space for 15 days or more, you'll need to report your rental property and earnings on your federal income statement, according to the IRS.

Here are three tips to help steer you in the right direction as you file your taxes as an "accidental landlord" this year.

1. Gather records of your income and expenses 

​Record your rental income earnings from the prior year and all cash-related expenditures on the property on IRS 1040 Form Schedule E. Things like property taxes, energy costs, association fees, maintenance and landlord insurance, legal fees (if a lawyer drafted your rental contracts), ad costs to rent the space, and repairs are now deductible because your home is a rental property and not a personal residence. In recent years, there's been an increase on rental property audits, so be sure you have receipts and proper documentation to support your deductions in case you're audited.

2. Exclude security deposits

If you have a hefty deposit that was returned during the taxable year, don't forget to leave that out of your statement.

3. Take depreciation

Tax pros who have real estate experience may be able to help you calculate your annual allowance for wear and tear. Taking depreciation helps offset any drop in property value.
​
The IRS states that if you meet the following requirements below, your property is eligible for depreciation:
  • You own the property.
  • You use the property in your business or income-producing activity (such as rental property).
  • The property has a determinable useful life.
  • The property is expected to last more than one year.
Be sure to consult with a tax professional as each property and landlord situation is different. A study by the Government Accountability Office shows that about 25% of rental property owners over-reported their net income from rental real estate — you don't want to be part of that statistic!

Source: http://www.naylornetwork.com/caa-nwl/articles/index-v2.asp?aid=144523&issueID=24000
Source: 
https://www.foremost.com/learning-center/tax-tips-for-accidental-landlords.asp
   
0 Comments



Leave a Reply.

    Categories

    All
    ATV
    Boats
    Business
    Condo
    Dental
    FAQs
    Financial
    Flood
    Golf Cart
    Health
    Home
    Insurance
    Insurer Liquidation
    Life
    Local
    Mobile Home
    Motorcycles
    RV's
    Safety
    Snowmobile
    Summer
    Trailer

    Archives

    October 2024
    May 2024
    October 2023
    July 2023
    May 2023
    October 2022
    September 2022
    July 2022
    June 2022
    March 2022
    February 2022
    December 2021
    October 2021
    May 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    May 2020
    April 2020
    March 2020
    February 2020
    December 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    September 2018
    May 2018
    April 2018
    February 2018
    November 2017
    October 2017
    September 2017
    August 2017
    April 2017
    March 2017

    RSS Feed

Social Media

Contact Us

Contact

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
6650 W. Indiantown Rd.
Jupiter, FL 33458


(561) 768-8176

Website by InsuranceSplash
Privacy Policy | Terms of Use
© 2025 by HARRIS, REED & SEIFERTH INSURANCE GROUP, INC. All rights reserved.
Photos from Ian Sane, allesopdemotor.nl de meest informatieve motor site, Carl Johan, shixart1985 (CC BY 2.0), Peter O'Connor aka anemoneprojectors, Jim Larrison, martinrstone, Gamma Man, onnola, andreboeni, anathea, Haydn Blackey, frankieleon, spartangreen293, shixart1985, Peter_Mackey, electricteeth, MarkMoz1980, Gamma Man, NetReacher Image Studios, woodleywonderworks, andreboeni, Ben Baligad, Prayitno / Thank you for (12 millions +) view, michaeljohnbutton