Owning property is a great way to diversify your investment portfolio. But it can also make tax time slightly more complicated. There are a lot of rules when it comes to filing taxes on owned properties. One major benefit is the returns that save you money – but only if it’s filed properly. That’s why here at LSWG CPAs, we offer personal property tax return preparation services.

If you pay taxes on your personal property or any other real estate that you own, you may be able to claim a tax deduction by itemizing your deductions. The limit of deductible taxes is $10,000, or $5,000 if you’re married and filing separately.

Tax deductible properties include:

  • Residential home
  • Vacation homes
  • Undeveloped Land
  • Property outside the United States
  • Cars, RVs, Boats, and other vehicles
  • And more.

The cost of maintenance and repairs itemized by your local tax authority can also be deductible. There are other ways to maximize your return, depending on your unique situation. 

It may seem like all these rules and exceptions are difficult to navigate. That’s why we offer our experienced and professional services to take the burden off you.

For the most optimal and accurate savings, work with the accountants at LSWG CPAs. We get to know you and your assets, then help locate and prepare the documents you need. Then, we assist in the filing process to make sure everything goes smoothly.

When it comes to your personal property tax return, allow us to assist you every step of the way. Call now to learn more!

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