Buying an Investment Property
Posted on April 24, 2014
There are many factors that could influence your decision to own an investment property on the Emerald Coast. Aside from basic rental income, consider the potential tax savings.
Whether you are looking to own, or already own real estate in Destin, it is important that you fully understand how rental properties and taxes work in order to determine how you can maximize your tax savings.
The tax deductions available to rental property owners are huge. You can write-off interest on your mortgage or any credit cards used to buy your second home. On top of the deductions, the government also allows you to depreciate the purchase price based off a set schedule. Keep in mind that you can only depreciate the building and not the land portion of your purchase price.
The calculation and write off can be pretty straightforward, but the savings is where things can get complicated. Contact our Destin real estate professionals and they will be happy to help you explore all aspects of your potential income property.
Posted in: Real Estate Market, Real Estate Tips, Residential Leasing |Tagged: Destin real estate, Destin real estate agents, investment property on the Gulf Coast, owning an income property, real estate in Destin.