Dallas Rental Income
Rental income is a great way to make money. If you own property or are thinking about purchasing investment properties like apartments, vacation homes, and rental houses, receiving rent from your tenants can often be a hassle-free way of making more money.
Rental income is taxed like regular income, and can move you around in tax brackets. However, landlords are often able to get tax breaks for their rental income. Money spent on property maintenance may be written off in some cases, and landlords receive tax breaks for renting homes instead of living in them. When taxes and other expenses are taken into account, most landlords make a small profit from their property.
If you handle your taxes yourself, it is a good idea to familiarize yourself with Schedule E of the IRS Tax Code. This schedule governs taxes on income earned from property rental, and contains important information on what can be deducted and what cannot.
Many landlords to not want, or do not have time, to take care of the day to day operations of running their property. This is where a management company like Residential Leasing & Management comes in. For a modest fee, we can handle aspects of property management like scheduling maintenance, finding tenants, and dealing with renters. This allows you to simply sit back and collect your rental income.