Taxes and Landlords



Every landlord in San Diego has some options to consider regarding taxes. Either they can pay the tax themselves or pass the cost onto their tenants. It all depends on the landlord’s financial situation and how that person wants to pay the government its due. Whatever course is taken, there is a major responsibility a property owner faces, staying current with their taxes. It is imperative that whatever is owed is paid on time, or there are penalties that will be assessed.

How Much Will It Be? 

Landlords in San Diego must be mindful of the taxes owed yearly. The appropriate amount can vary drastically, and a landlord with properties in several suburbs owes taxes to each municipality. In addition, Federal, state, and local governments each have their own taxable income thresholds. On the positive side, there are possibilities of deductions or credits that will make the final tax bill smaller. However, a lot depends upon the numbers.

Possible Deductions 

Property owners in San Diego should know that certain expenses associated with the rentals are eligible for tax deduction when it comes time for the filing. Examples include repairs and maintenance costs. Therefore, it is critical to keep accurate records of those expenses since you will have to declare them to qualify for any deduction.

Accurate records are essential if, for any reason, a landlord is audited. Mistakes happen, but those mistakes can be costly when it comes to taxes. Penalties are one thing, but legal action can also be taken against a landlord in San Diego who is trying to avoid paying what is due.

A Landlord Needs Help 

The tax season produces a mountain of paper and receipts. If a property owner in San Diego is organized and keeps accurate records, the problem is less significant but remains a challenge. It is hard enough to keep track of one or two rental homes; an extensive real estate portfolio is going to take a lot of work.

Having an accountant or an accounting agency assist in compiling all the information is a sensible idea. These professionals are alert to changes in the tax law, and they can give the best advice on how to navigate turbulent waters. However, these accounts need accurate information. It means more than just handing over a sack full of invoices. A landlord must understand that the accountants might charge by the amount of time and trouble they put into organizing tax information. The better prepared those records are, the less time the accountants will spend on preparing the tax returns.

Property management companies in San Diego are not tax advisors or professional accountants. Nevertheless, they best make a point of keeping financial records organized and ready for inspection. Alta Vista Properties is aware of the task a client faces when going into tax season. We do everything to make the experience easier to endure.

We Are Organized 

Alta Vista Properties is a full-service property management company in San Diego. Taking care of the financial record-keeping is one of the services that we provide for all our clients. We use the best software in categorizing expenses and describing what work was done that might be tax-deductible. We go one step further than that. We can compile financial reports anytime for clients when they need that information. It is not just for tax season. If a client needs to apply for a new mortgage or a loan, we can accurately describe the current financial situation. That data can be made available quickly, and a client has a portal on our website to quickly access the information. It is just one of our services, and we have others.

Tax season can be survived if a landlord is ready and has accurate data. We can provide those numbers to our clients.

Please do inquire at any time about our property management services. You can reach us at 858-274-3600 or by email at info@altavistaProperties.net. We look forward to hearing from you and answering your questions about what we do as a property management company in San Diego

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