ࡱ> YX(    "PowerPoint.Show.80BMicrosoft PowerPoint Presentation/ 00DArialngsRomanll`-T0DTimes New Romanll`-T0 DGaramond Romanll`-T00DWingdingsRomanll`-T0 b .  @p?" dd@  @@``   CB      @A      6: ; c AA1? %5Af7N_@8!" R ʚ; f8ʚ;g4ndndt_ T08ppp@ <4dddd8!0l<-<4!d!d8!0l<-A9___PPT10 6?V% BRICHARD SASSAN, CPA 847-818-1040O =A&Tax Tips for Owners of Rental Property''.%5AxRICHARD SASSAN, CPA B & E ACCOUNTING SERVICES, INC. 800 W Central Rd. #106 Mt. Prospect, IL 60056 Phone: 847-818-1040 JyP %5Ab%5A %5AHow is Rental Income Reported?%5AUsually on Schedule E. A security deposit is not considered income at the time it is received. Tenant cancellation fees are taxable.( %5A%%5ACan I Deduct a Loss?%5ARental activity is considered a passive activity. Losses from the rental are generally allowed provided you rent your property for a fair rental price and actively participate in the rental activity.* %5A  %5AWhat Expenses Are Deductible?%5AMortgage Interest Property Taxes Insurance Travel Expenses Legal or Professional Fees Advertising Utilities Cleaning and Maintenance Fees SuppliesZ %5A Repairs vs. Improvements%5AImprovement  adds to the value or life of the property. Repair  keeps your property in good operating condition. Deductible repairs: Fixing broken windows and doors. Repainting inside or out. Fixing gutters. Repairing leaky plumbing. Replastering holes.4y%5Ay%5A  Repairs vs. Improvements%5AExamples of improvements: Additions Landscaping Roof, door, or window replacement Security system Electrical wiring Insulation Siding Heating and cooling systems Carpeting Appliances8PP%5A%5A Refinancing Your Rental Property!!%5AFIf you refinance, the interest on the mortgage will be traced to the use of the proceeds. Unless you use the proceeds for improving the rental property, or for purchasing another rental property, you may be losing a deduction. If you use the proceeds to purchase investment property, you will have investment interest expense.GG %5A*Selling or Exchanging Your Rental Property++%5AThe sale is considered a sale of a business asset. Keep accurate records of the improvements made. To avoid paying tax on the gain, consider exchanging the property for another rental property. %5A Tax Saving Opportunities%5ARental property can be a great way to increase your bank account. Make sure you are taking advantage of the tax saving opportunities that are available to you. As a tax professional, I m available to help you do just that. 847-818-1040 RICHARD SASSAN, CPA B & E ACCOUNTING SERVICES, INC. 800 W Central Rd. #106 Mt. 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Prospect, IL 60056.-@Arial-. %5A2 a$ Phone: 847.-@Arial-. %5A 2 a:-.-@Arial-. %5A 2 a<818.-@Arial-. %5A 2 aC-.-@Arial-. %5A 2 aE1040.-՜.+,D՜.+,d    (0 8 On-screen ShowNATP< d ArialTimes New Roman Garamond WingdingsEdge"Microsoft PowerPoint Presentation'Tax Tips for Owners of Rental PropertyHow is Rental Income Reported?Can I Deduct a Loss?What Expenses Are Deductible?Repairs vs. ImprovementsRepairs vs. Improvements!Refinancing Your Rental Property+Selling or Exchanging Your Rental PropertyTax Saving Opportunities  Fonts UsedDesign TemplateEmbedded OLE Servers Slide Titles X 8@ _TemplateIDTC062578591033"_~ 0Tom NelsonTom Nelson  !"#$%&'()*+,-./0123456789:;<=>?ABCDEFGIJKLMNOQRSTUVWZRoot EntrydO)Current UserPSummaryInformation(@PowerPoint Document(DocumentSummaryInformation8H