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How do I use my rental property as a business income instead of Personal. So I can take advantage of taxes?
Currently have rental income on a property I have. and I usually declare it as personal income. How can I change this to be a business to be able to take advantage of tax breaks / expenses being able to written off as a business?
You don't need to incorporate the business to write off expenses. All related expenses such as mortgage interest, property tax, utilities etc are all deductible. There would be no immediate tax advantage to setting up a corporation to hold the rental property.
You should get in touch with an accountant who can help you determine what expenses you can deduct and to prepare the necessary tax schedules.
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State sales taxation of rentals of tangible personal property (Research memorandum / Federation of Tax Administrators) ... |
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