How can I optimize my rental income?
June 9, 2022 | 40,00 EUR | answered by Johann Lauer
Dear tax advisor,
my name is Ben Kaiser and I own several rental properties. In recent years, I have noticed that my rental income is not as high as I would like it to be. I am not sure if I am taking advantage of all tax options available to optimize my income.
Currently, I rent out multiple apartments and commercial spaces, generating income that does not meet my expectations. I feel like I am not taking advantage of all the tax benefits that could be available to me. I am concerned that due to my lack of knowledge, I may be missing out on tax advantages or optimization opportunities, resulting in financial loss.
Therefore, I would like to ask how I can optimize my rental income. Are there any specific tax measures or deductions that I have not considered? What options are available to me to improve my tax situation and maximize my income? I would greatly appreciate a detailed consultation on this matter.
Thank you in advance.
Sincerely,
Ben Kaiser
Dear Mr. Kaiser,
Thank you for your inquiry regarding optimizing your rental income from your properties. As an experienced tax advisor in the field of rental and leasing, I can provide you with some tips and recommendations to improve your tax situation and maximize your income.
First and foremost, it is important that you take advantage of all possible tax deductions. These include, for example, straight-line depreciation for buildings and declining balance depreciation for movable assets in the rented properties. By claiming these deductions, you can reduce your tax burden and thus increase your income.
Furthermore, you should carefully record and claim all advertising costs related to the rental of your properties. These include maintenance costs, management expenses, insurance premiums, interest on loans and loans, as well as travel and training expenses. By deducting these costs, you can further reduce your tax burden.
It is also advisable to inform yourself about tax planning options such as creating reserves or using special tax deductions. These can help you optimize your tax situation and maximize your income. Additionally, you should check if you can benefit from tax incentives such as monument depreciation or energy-efficient renovations.
I recommend creating a detailed tax plan for your rented properties to fully utilize all tax opportunities. I am happy to provide you with personal advice to analyze your individual situation and offer you tailored solutions for optimizing your income.
I hope this information is helpful to you and I am available for further questions.
Sincerely,
Johann Lauer, Tax Advisor
