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Well here we are heading towards the end of the year and the thought of taxes. Home owners in Northeast Los Angeles need to be aware of certain conditions that are affected by the ownership of a second home.
Own rental income property? Should the rental be less than 15 days during the tax year, the tax code says that you do not need to report the income and you can still deduct 100% of the property taxes and mortgage interest as an itemized deduction. Yes, you heard correctly: the government is actually allowing you to ignore the income, regardless of the amount.
If you have questions about how the vacation rental rules will apply to your special circumstances, please give Kash Chandani a call 805-494-4334. I myself have been a faithful and loyal client for nearly 30 years. Should you be thinking about obtaining some income property than now is a great time to act.
The communities of Eagle Rock, Highland Park, Atwater Village, Silver Lake and South Pasadena have a good number of income properties for the savvy investor. Should you be interested in obtaining information on income properties please let me know. Starbucks is a convenient place to chat.