Investment Properties are defined as any non-owner occupied property in which one desires to purchase for a potential future profit and/or for minimization of one’s taxes. There are many tax advantages with investment property.
Tax deductions to minimize one’s taxes are greater than for owner occupied homes:
All of the foregoing are monetary expenses except depreciation. It is a non-monetary expense that is an extra investment incentive for people to reduce their tax liability. Whether you pay cash or use OPM (Other People’s Money) to assist you in this process, the possibilities in our area are many.
Important: one should discuss their particular situation with one’s accountant, CPA or tax attorney to determine their allowable tax deductions.
The NRV Team has over 43 years combined real estate experience in the New River Valley. We provide old fashioned service with a high tech edge. Contact us for confidential advice and recommendations.