Why Should You Give Keystone Real Estate Properties on Rent?

Thinking of renting your Keystone real estate properties? You made a great choice to let your summit county property work for you? Winter can be a great time to sell or rent your Keystone real estate. Despite what you may think, winter is the best time to sell any property or put the property on rent. Homes for sale or rent listed during the winter months, sold for 1.2% above the listing value when compared to those listed during other times of the year.

Renting Part of Your Keystone Real Estate Property

Renting part of your main home or renting a second home can put more money in your pocket. Becoming a landlord may move you to a higher tax bracket, but you may also be eligible for certain tax advantages that lower your taxable income. You may be able to deduct some expenses that are normally nondeductible, lowering your taxable income even lower.




Renting All of Your Keystone Real Estate Property

Renting a second home means you must report rental income on your return. This includes any advance rental income where the tenant pays ahead for any month in the next year. Rental income also includes money a tenant pays you to cancel a lease early.

When consider renting your Keystone real estate property, you are able to deduct certain rental expenses, including:

·         Management fees

·         Insurance

·         Clearing and maintenance

·         Taxes

·         Utilities – electricity, water and sewer

Note that some of these, like cleaning, insurance, and utilities are not normally deductable by homeowners. Now is a great time to consider getting your Keystone real estate property ready for rental for the winter.



Contact Slifer Smith & Frampton Real Estate with any question about getting your Keystone real estate property ready to rent or to rent your property long term for the season. Any question regarding tax deductions should be answered by a tax professional only.

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