Tax time during a pandemic can be complicated for everyone. Landlords adversely affected by the loss of rent payments must understand the tax laws for 2020. There have been some changes and adjustments related to COVID-19 in 2020. We offer some guidance on how those changes interact with existing rental income tax laws.
If you are new to owning rental properties, you might have many questions about your investment’s tax implications. You could file a few different tax forms, with differing purposes, depending on the actual services you supply. There are also several other considerations regarding rental tax filing and amounts due.
I talk with clients who want to invest in real estate. Some might be starting as a part-time landlord doing much of the maintenance and work. For others, it's a significant investment, and they are running a large operation with employees and many tenants. I advise all of them how important it is to do a good job of managing finances.