Tax Guide
This guide gives rental property owners tax strategies to minimize next year’s bill and tips for preparing and understanding 2024 tax filings for the 2023 tax year.
By Team Stessa
Table of Contents
- Introduction
- The Basics
- Entity Selection
- Deductions
- Important Tax-Saving Strategies
- Capital Improvements vs Repairs & Maintenance Expenses
- Depreciation
- Passive Activity Limits and Passive Losses
- Capital Gains Tax and Depreciation Recapture
- Key Tax Issues for Short-Term Rentals
- Pass-Through Deduction
- Casualty Losses
Introduction
The first part of effective tax strategy and planning is understanding that when you file your tax returns each year, you’re simply reporting the results (income, losses, etc.) of your activities from the prior year. Once the year ends, while there are a few things that can be done, most of your results are already set in stone and you will pay tax based on those results.
This means you need to be taking a proactive approach to tax strategy and planning by implementing strategies and taking the right actions throughout the year so you’ll end…
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The information contained in this Tax Guide has been compiled from sources believed to be reliable. Stessa, Inc. does not accept any liability or responsibility for the accuracy or completeness of the information contained herein. And no reliance should be placed on the information contained in this Tax Guide.
