Tax Saving Ideas

The following is a list of often overlooked expenses and tax deductions that pertain to the real estate industry and could improve after tax cash flow.

  1. Appraisal fees for charitable donations or casualty losses
  2. Appreciation on property donated to a charity
  3. Casualty losses
  4. Commissions and closing costs on sale of property
  5. Dues to labor unions for property staff
  6. Property improvement costs
  7. Investment advisory fees
  8. Lead paint removal
  9. Mortgage prepayment penalties and late fees
  10. Points on a home mortgage and certain refinancings
  11. Real estate taxes associated with the purchase or sale of property
  12. Seller-paid points on the purchase of a home
  13. Special equipment for the disabled for ADA compliance
  14. State personal property taxes
  15. Theft or embezzlement losses
  16. Trade or business tools with life of 1 year or less
  17. Self-managed real estate 401K for the self-employed