If you are a rental property owner, then you might have originally purchased a rental property because you were interested in making a profit. However, you should be aware that not all property owners make a profit off of their rental property, especially at the beginning or when they are going through hard times, such as if they have been dealing with a difficult tenant or if the rental market is rough in their area.
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Everyone knows a business valuation is important for effective tax planning, but you won't only be glad you've had your company valued when you meet with your tax accountant. Here are just four more situations in which you'll be glad you know what your business is worth.
1. Splitting a Partnership
During the early days of a business, it can seem like all the partners will stay together forever, but that becomes less and less likely as time goes on.
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If you're new to the world of real estate investment, you may be doing your research in order to figure out your particular strategy. You may understand that there are risks involved, but there are also considerable benefits if you handle your portfolio well. What are some of the key strategies you need to be aware of so that you can plot your path ahead?
Being Traditional
The traditional, time-tested approach to property investment is to purchase a certain type of property, make it suitable for the rental market, introduce tenants and generate revenue.
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Property depreciation means considering how a property may have lost value over time, so that your property taxes for it are lower than when you first purchased the property or for when it was first built. This depreciation schedule can save you quite a bit of money on your property taxes and other taxes you need to pay for a rental or commercial property. If you own a rental or commercial property, note a few questions you might have about this depreciation schedule so you know how to include it in your tax returns.
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All forms of income earning properties comprise of significant taxation benefits available to be enjoyed as tax credit. The sad news is that many property investors in Australia aren't taking full advantage of the tax depreciation deductions that they are entitled to. Both brand new and existing properties do accrue some depreciation benefit that property owners can claim on the premise of a tax credit. The solution is for property investors to get a tax or property depreciation schedule prepared by a quantity surveyor to enable them claim those deductions.
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