There Are a Variety of Ways to Make Money From ItThursday, March 27, 2014
An investor has many options when it comes to making money from his or her property. For example, you could buy the house, fix it up and sell it for a quick profit. However, you could also opt to rent the property and create a passive revenue stream for yourself. As real estate can be held for as long as the owner wants, it can be a great way to keep making money during retirement.
Homeowners and Landlords Get Many Tax Breaks
Homeowners can take a tax break for the mortgage interest that they pay as well as property taxes paid each year. Landlords can take a deduction for any money put in to improving a rental property. Landlords can also depreciate their property each year to lower the amount of tax that they owe on any income derived from rental properties.
How Often Do You Rent Out Your Property?
Did you know that if you rent your property for less than 15 days a year, you don't have to report the income? While you don't get to take any deductions, it can be a great way to get money that you don't have to share with Uncle Sam.
If you would like to invest in real estate, you can go online for more info as to how you would go about it. Whether you want to buy commercial property or residential property, it can be a great way to make money for yourself both now and in the future.