Are you looking to partner with a property management company, but not sure which one to choose? Here at Liberty Real Estate Services, we set ourselves apart from the competition, and offer unique services that go above and beyond simply managing your property. We also help you build wealth at tax time and ensure you are doing everything you can to get a maximum return.
Our management services provide assistance throughout every step of owning an investment property. We provide a custom marketing strategy that is best suited for your rental property. We effectively market your property to reach the largest possible audience.
Once we have gathered a large prospective tenant pool thanks to our successful marketing campaign, we conduct extensive tenant screening. We thoroughly screen tenants to ensure only the most responsible and qualified tenant gets to live in your property.
We have hand tailored our services to ensure you receive a steady income every month, as well as an easy to understand income tax summary after the end of each year. Did you know that investment property improvements can be a tax write off? Let us walk you through how we can help manage your rental business, oversee repairs, and ensure you get the most money back during tax season!
Property Repairs Vs Property Improvements
Property improvements are different from Property repairs. A repair can be considered anything that restores the property to its original condition. Examples of repairs can include fixing a broken window, repainting walls, repairing leaks, or changing the locks. Basically, repairs just keep the property in good and functioning condition.
A cost is generally considered a property improvement if it results in a betterment to your property, restores your property, or adapts your property to a new or different use. Property improvements include installing a new roof, adding an outdoor pool, modernizing the kitchen, or building an additional bedroom in the basement.
Can Improvements and Repairs Be Deducted?
It's important to note the difference between repairs and improvements, as their costs are recorded differently during tax season.
Repairs can be written off in the year that you paid for them, whereas the cost of improvements generally must be capitalized and depreciated over several years.
Our Service
Many of you are experiencing higher profits. Higher profits are great! We want to help you build wealth with your portfolio, so now is the time to consider any improvements to your investment properties to route some money that would be going to pay federal and/or state income taxes toward long needed repairs to your investment properties.
Some examples are Exterior Wood Rot, Flooring, Exterior doors, removing wallpaper, painting, upgrading windows, updating kitchen countertops. For less expensive updates: Outdated hardware like, Kitchen and Bathroom faucets, light fixtures, towel racks, thresholds, door stoppers, door knobs, Exterior Door locks, Blinds. For preventative maintenance, service HVAC system, gutter cleaning, pressure washing, trim tree limbs from roof.
Bottom Line
At Liberty Real Estate Services, our goal is to take away the stress of renting out a property. We take care of all the tasks that go into managing a property from the day to day responsibilities to the legal requirements. We stay up to date on laws to ensure our practices follow state and federal regulations.
We are well versed in the legal requirements that all landlords should know. We can advise you on which insurance you should have and how to act in accordance with the Fair Housing Laws. While we try to avoid evictions as much as possible, sometimes they are necessary. If this is the only option, we will handle the eviction process from start to finish, ensuring it follows the judicial process.
We can provide assistance for any legal questions you may have. Better yet, we can take on that responsibility entirely, so you don’t have to worry!
We can take care of all of the financial aspects of owning a rental property. We provide detailed financial statements, and have an online portal. This ensures your financial reports are up to date, and you can check in to monitor the success of your investment!
I think we all can agree that putting the money back into our investments could be better than giving it to the government. For all tax-related questions, please contact a Certified Public Accountant (CPA).
Although this blog is not specific to any property, any specific state, or federal tax deductions. Certified Public Accountant (CPA) and fellow rental property owner, Mark Pedrick of Pedrick & Company, LLC has reviewed and endorsed this blog. Feel free to contact him for Accounting and Income Tax services at 912-876-4697, or visit the Pedrick & Company, LLC website at https://pedrickcpa.com/. Ask for Mark!
