Tip# 11 Tax Advantages

Rental property = tax advantages. Keep track of everything you spend using a separate bank account and credit card. Keep all receipts. At the end of the year, you'll be able to write off interest, depreciation, materials, supplies, travel, insurance, legal and professional services and even your home office. You'll have all your records and documentation that will help your accountant get you the most write-offs when tax time rolls around.