If this is your first time filing rental income taxes or if there has been a recent change in the ownership structure of your rental properties, you may have a number of questions about the types of forms you need to remit to the IRS. It’s always best to consult a tax professional or to hire an […] MORE
In part 1, Sumeet Sangha shares some basic tips on the most common tax write-offs related to a rental property business. Here, in part 2, some tips and advice are offered around business use of home and the rules around what can be claimed as expenses on your tax return. Q: What is the rule […] MORE
One of the most common questions self-managing landlords will have around tax time is “what expenses can I write off?” To help Canadian landlords navigate around taxation, we interviewed Sumeet Sangha of Sangha Tone Chartered Accountants who specializes in real estate rental property to answer some commonly asked questions about taxes. Q: As a self-managed […] MORE
Let’s face it: many self-managed landlords have other full-time jobs and run a rental property business as another income stream. Sumeet Sangha of Sangha Tone Chartered Accountants shares some insights on what tax advantages you can benefit from, depending on your situation. Q: If I am a full-time employee with rental property income, what are […] MORE
Your questions answered by KeatsConnelly With the increasing movement of people and capital across the borders between US and Canada whether for work or investment purposes, a number of rental property owners face the enigma of tax strategies on both sides of the border. To help these landlords demystify the complexities, we’ve sought the expertise […] MORE
In Part 1 of our series on staying organized in preparation for tax time, we gave you advice on how to maintain your business records and save money on accounting fees. In this section, we continue with the more complex financial transactions that are typically reported on your income tax, and we offer some tips on how […] MORE
Some of us may have the accounting skills and patience with tracking and recording business activities day-to-day, but the reality is that most landlords are too busy juggling a full-time job and part-time landlord responsibilities to have any time for accounting. But staying organized is key to saving accounting fees during tax filing time. […] MORE