The many benefits of owning rental properties are well known. Unlike other investments, real estate has various avenues for profitability such as: monthly cash flow, property appreciation, equity growth from mortgage paydown, and the ability to use depreciation to reduce tax expenses. ALL GOOD THINGS! Of course, it’s important to properly report income, expenses and …
Continue reading “Tax Time – Your Rental Property Meets April 15th”
What is Transaction Privilege Tax? Transaction Privilege Tax (TPT) is a tax imposed by many cities in Arizona for the privilege of doing business. The tax is charged based upon gross revenue and is collected by the Arizona Department of Revenue on behalf of the cities. This tax also applies to Residential Rentals and is …
1. Not Properly Screening Tenants: Screening all occupants that are 18 or older helps ensure you find high-quality tenants that will care for your home. Screening should include credit, criminal history, eviction history and employment verification. It’s important to set minimum criteria for each to determine a qualified applicant. 2. Not Performing Routine Inspections: Inspections are important …
