Top 8 Destin FL Real Estate 2010 Tax Write-offs

Many Destin FL real estate owners are currently leasing their property while waiting to see what the future will bring. The economy has contributed to the value of real estate being at an all-time low and rather than take a loss, the property owners have turned to leasing their Destin FL real estate. One thing that the property owners should remember is there are many deductions available for them to take when filing their taxes. This is extremely important today when the write-offs could help them to save thousands of dollars in taxes. Here are a few of the tax benefits that can be quite beneficial.

1) Destin FL real estate owners can save on the legal bills pertaining to their property and on the cost of some of the landlord forms they have used. Legal contracts are typically tax deductible and you should check with your accountant to see which ones can be claimed. Evictions are not, but there are several that are allowed.

2) The mortgage interest that is paid by Destin FL real estate owners is tax deductible. This is one that you will definitely not want to miss claiming, as this tax can be thousands of dollars per year.

3) For those who may be purchasing investment property currently, the settlement costs that will be paid can be tax deductible. The mortgage lender fees and many of the recording fees that are charged by the government can be deducted. The best way to find out if your settlement charges are tax deductible is to take your HUD-1 settlement statement to your accountant, who will know which ones are deductible.

4) The maintenance and repairs that are made on the Destin FL real estate you have leased to someone can be tax deductible. If they are necessary for the habitability, they are generally tax deductible. The same holds true for improvements for safety reasons.

5) If the mortgage on your Destin FL real estate is considerably higher than the current value, you will normally pay an extra amount for private mortgage insurance each and every month. The charges paid for the insurance can be deducted on your taxes.