If you are thinking about renting out a former principal residence, or purchasing real estate specifically for rental purposes, there are a number of issues that are important and which require your understanding.
These issues include the selection of renters, cash flow calculations, and the tax consequences on your personal tax return.
Whether you are a first-time landlord or own multiple rental properties, we can assist you in keeping the appropriate records and making sure your depreciation calculations are accurate. Even if you use a real estate management company, you may be well advised to maintain your own accounting system. We can suggest and set up a simple computer software program to ease this task.
Also, keep in mind that annual tax planning is critical for landlords, especially when rental property is purchased or sold. Please see the section entitled Tax Planning for Individuals within this web site for additional information.
You may also schedule an appointment concerning your rental property simply by phoning our office administrator at (703) 361-9068. We are highly experienced in this area, and would be delighted to assist you!