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If you receive rent from anyone who lives in your property, you’re considered a landlord and must report this as taxable income. The money you receive is considered income in the year you receive it, and you are required to file taxes.
You are allowed to deduct necessary expenses required to maintain and manage your property, but expenses can only be deducted the year in which they’re paid.
Here are a few deductible expenses:
Taxes and tax return preparation
Advertising the property
Cleaning and cleaning supplies
Real estate taxes
Travel to and from the property
All improvements to the property are considered an asset and should not be included as an expense.
Security deposits are not taxable since they are to be returned to the tenant at the end of the lease. However, if you end up taking part of the security deposit, then it is taxable and must be included on the income that you show on your tax return for the year that the tenant vacates.
Barrons Property Managers can take care of all this for you, and at the end of the year we give you a 1099 for you to give to your tax accountant
Even in Florida – fall is a good time to clean your home.
*Washing all your windows, they say it’s best to wait for a cloudy day so you can see the streaks. Use store-bought glass cleaner or make your own. Some of the concoctions I’ve heard of over the years are – mix water with a squirt of dish washing liquid or One part vinegar and two parts water. Also use a newspaper instead of the rag (streaks). You probably want to use gloves though, so the ink doesn’t get on your hands
*Window blinds can be wiped down with a microfiber cloth you can also try using your vacuum if you have a brush attachment.
*Window treatments are another story. Some can be vacuumed only, some can be washed but most of them probably need a professional cleaner- hopefully you can still read the direction label!
*Wash walls down some or vacuum in the corners and baseboards for cobwebs or maybe you need a new paint job..
*It’s time to dust your ceiling mounted light fixtures and fans thoroughly
*Wipe down your kitchen cabinets, replace any ripped drawer liners that are ripped, it’s also time to go through all your contents and decide what you want to keep and what you want to donate. Reorganize the items that you’re keeping.
*Move your refrigerator out and gently vacuum the coils behind or underneath.
* Do the same with your closet. Donate clothes that you haven’t worn for over two years. Time to dust off the boots and bring out all the clothes for the cooler season.
*We’re coming up on when the time change so now’s a good time to make sure your smoke detectors have new batteries
*Your furnace filter should be changed regularly but if you haven’t replaced your filter in the past three months – You need to replace it now.
*If you have a fireplace it’s a good time to have it professionally inspected, and to line up your wood for the winter
*Inspect the weather-stripping on the doors and windows and repair as needed
*It’s a good time to check and clean your gutters and downspouts if you have any. Also since the weather is cooling down your yard and your bushes should be in top shape
*Drain any and all garden hoses and store, the office will shut off the sprinkler system
*Your patio furniture should get a good cleaning at least once a year. Living in Florida we don’t have to store unless you want to
*Hope this little list helps get your fall cleaning done – you will feel so much better…
Barrons Property Managers “now offering a guaranteed rent collection program.” We deliver unmatched property management services along with a competitive fee structure!
Full time licensed, leasing agents, maintenance coordinator, and site inspectors – helping your investment to reach its height of physical & fiscal performance.
Call (850)934-2588 or visit us online at www.BarronsPropertyManagers.com
One of the many things Pensacola has to offer our community is the National Flight Academy. Barrons Property Managers Supports This Mission. Big and small companies alike “donate” to offer children of all ages’ scholarship money.
“About the National Flight Academy”
It’s main goal is to inspire 7th through 12th graders to take an interest in science, technology, engineering and math (STEM) in an aviation themed venture aboard a massive virtual aircraft carrier.
The scholarships each year are awarded to hundreds of students across the United States.
Participants live for six days in a multistory facility, (taking on the sensory perception like none other in the world, from the constant rumble of the ships engines to the sounds of flight operations on the flight deck) they experience theme park style thrills surrounded by advanced technology flight simulators and virtual reality games that ignite imagination and encourage learning. They eat on the mess deck, sleep in staterooms, and plan missions with their squadrons using flight simulators.
Our grand daughter who is in 8th grade went for a week in July. “The flight academy was a great experience for me, I made many friends, the staff was very friendly and I would go back in a heartbeat”
Guess that sums it up – Learning Made FUN!
Wanted to say a few words about the Studer Institute “Leadership in the Workplace” seminar we attended on August 21, 2014. Our own Quint Studer is a nationally recognized speaker, health care consultant, and entrepreneur. This seminar instructed you how to become a better manager and a better employee. The goal is to create a better place for people to work, and to put people in a position to succeed. Quint provides you with the skills and techniques to create a great workforce culture and to provide superior customer service. Barrons Property Managers would recommend this seminar to anyone who is looking for better employee engagement and customer satisfaction. Our company would like to thank the Studer Institute for their service to Pensacola.
One of the more difficult decisions adult children have is what to do with the house their parents are no longer living in. Maybe your parents have gone into assisted living facility or perhaps they have passed on and you’re not sure whether you should rent or sell their house. Our first recommendation is always to talk to your CPA. There are definite tax implications involved in anything you do with the property.
Deciding to rent their house can be a good option, especially if your parents are still living and being cared for at an assisted living facility. The extra income you get from renting out your parents home will help you offset what they might be paying for with their long-term-care. When the property is rented out for a few years it means you can decide what to do with it later on down the road.
At Barrons Property Managers we think renting the house out instead of selling it right is always an option. It allows you to buy time and you always can sell a house at a later time. This helps if you want to sell the house eventually; perhaps a few years down the road when emotions have calmed down. You have a tenant taking care of the home, paying you rent, then you can take the time to make any upgrades or take care of maintenance items that might help you sell it for more money once the time comes. Trying to decide what to do with a parent’s house can be confusing and emotional. If you have any questions about the pros and cons of renting or selling it right away please contact us at 850-934-2588 and we would be more than happy to give you additional information