It has been several years since Florida has experienced a major hurricane. Most residents remember the year 2004 when Florida experienced four major hurricanes in a short amount of time. Many were caught off guard and experienced a lot of property damage. Although you can't prevent property damage from happening, there are simple precautions that can help minimize damage to your personal and investment properties.
Maintaining a yard in Florida can be expensive, time consuming or both. Owning multiple properties just adds several more layers of expenses. Keeping up with watering, fertilizer and weeding can be a daunting task and many people over do it. However, if you don’t have the correct plants and grass, it can make your job much harder.
The internet offers many different platforms for folks to make extra money. Thanks to Uber, you can start your own "taxi-like" business to transport people in your neighborhood or city. Users can work when they want and accept business as it comes. Likewise, Airbnb is to your home, as Uber is to your car.
Many of our clients own extra properties that they rent out to tenants to earn extra income. Leasing out real estate can be a solid part of your overall financial plan or retirement. If you are new to leasing to tenants, we hope that you have great tenants that pay on time every month. However, if you lease out property long enough, you will likely deal with tenants that pay late, or not at all. Whether you are new to leasing to tenants or not, you will likely need to evict someone in the future.
For many Americans, there are two events that tend to catch us off-guard every year, even though both events are set dates each year. They are Christmas and Tax Day. For business owners such as property owners and landlords, it is the perfect time of year to review your financial statements and think about ways to save on your upcoming tax bill, which is right around the corner. Now is not the time to get caught off-guard by the holidays and end up owing Uncle Sam more than necessary in 2016.
To help out, we decided to give rental property owners a list of deductions that might make sense for you to save on your upcoming tax bill, but you only have until the end of the year. Now is the time to start gathering those receipts and making any other end-of-the-year expenses.
Disclaimer: Please consult with your CPA prior to making serious financial decisions before the end of the year.
1) Loan Interest/Points. If there is a mortgage on any of your properties, the interest might be your largest deductible expense.
2) Depreciation of Assets. Generally speaking, this involves the value of a structure (not land), value of improvements, and equipment.
3) Taxes. This includes any property taxes, employee taxes and permit fees/inspection fees.
Six Things to Address Before Winter
Fall is officially here, and and it is the perfect time for home and rental property owners to prepare for the winter season. Although Old Man Winter is usually kinder to Florida than other states, that doesn't mean that you should ignore home maintenance concerns that could become severe problems if not addressed.
Swann Real Estate
Swann Real Estate has been an established part of the local community since 1987.