- Keep records: It is critical to keep accurate ongoing records of all transactions. To claim you must have evidence of your income and expenses and maintain records throughout the life of the property ownership.
- Know your tax responsibilities: Your obligations and entitlements. Owner, joint tenants or tenants in common its essential you know your position and the associated reporting requirements.
- Take advantage of rental property tax deductions: Know what you can and can’t claim and the intricacies of each.
- Capital gains: When selling, understand the difference and tax implications of a gain or loss.
- Timing: Understand when the best time to do property repairs
- Contact Blackburn Accounting: We are professional accounting and taxation experts. We can help you get the best results for your investment.
Your Accounting Partner
Your Management Accounting Partner
Your Expansion Engineer
Your Special Projects Partner