Our friends at Inman News have published a great article that should be of value to every MRIS customer. Be sure to check everything with your tax professional, but we hope this information is helpful to everyone!
“Every year, thousands of real estate professionals pay more tax than they need to because they fail to take all the deductions to which they are legally entitled. The Internal Revenue Service will never complain if you don’t claim all the deductions you can. It’s up to you and your tax preparer to figure out what you can deduct, keep proper records, and claim deductions on your return. Every dollar in deductions you fail to take can cost you 40-50 cents in extra taxes — money the IRS is happy to keep.” For more read the Inman Article here.