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Apr 3, 2020

Now whether to depreciate your rental property or not and how much depends on your personal situation. Consult your accountant for more information as your accountant knows better about your financial situation.

When you have to depreciate your building, consider this:

  • Rental property owners use depreciation to deduct the costs of buying and improving a property.
  • Depreciation starts as soon as the property is placed in service or available to use as a rental.
  • Only the value of the building can be depreciated; you can't depreciate land because it will never be "used up."
  • To deduct rental expenses from any rental income you earn, thereby lowering your tax liability.

To learn more about this topic, Watch my Facebook Live Video here.

Now during this unprecedented time, we know that there would be many more opportunities in the market to buy rental properties. Some people are already started looking and working to close the deal.

I know one of my student signed a deal via a zoom meeting. There are ways you can still buy properties. All you need is your commitment to work for it, to achieve your financial goal for this year.

If you're still feel like stuck, reach out to me at edna@ednakeep.com

OR

Schedule a FREE Strategy Call with me.

Edna