If you’re a landlord that rents out a single-family home, a large apartment building, or even business space, you’ve likely wondered if your rental property is considered a business come tax time. It’s important to know that there are two classifications when it comes to rental property and taxes. You need to know this information so you can properly get your tax deduction when the time comes.
Below we’re going to talk about how to know whether or not your property is considered a business, different types of business structures for landlords, and more. Keep on reading to get the most money back come tax time and learn a bit about whether or not your property is a business.
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