Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. For my own home office, I've invested in a good laptop (backed up with Backblaze), a solid all-in-one printer and a landline, so I never suffer with static and I can record interviews.
Powered and implemented by Interactive Data Managed Solutions News provided by The Associated Press. You know you want to invest in them, but where do you start?  There is a lot more that goes into the success of a rental property than just buying a house at a good price. After reading this article, don’t be scared away from buying rental properties.  All of the above certainly sounds horrifying, but with the right property manager, and good common sense, rental properties will usually continue to generate profit and collect value. Don’t forget interest on the house payment (if there is one), insurance on the house, property taxes, and recurrent bills like termite.
If time is the issue, you can file an extension that will give you six more months to file your taxes, until October 15. It is important to know that filing an extension is only extending the time you have to file your return. At the very least, designate a room (or at least a specific section of a quiet room) in your home for work.
Excellent decision!  There are so many benefits to owning rentals, including cash in your pocket each month, tax benefits, equity building, and most importantly the passive income they can generate. This term refers to how much it costs to purchase a property versus how much rent it can bring in.

Assuming your price-to-rent ratio is intact, the next fastest way to lose money on a rental property is with bad tenants. Tenant damage can definitely cost you money, but slacking on the general maintenance of a property can cost way more. Etc… Theses actually are the taxes on the property all though they are not called taxes. Form 4868, Application for Automatic Extension of Time to File US Individual Income Tax Return, must be filed by midnight April 15 and can be done on paper (get a printable copy of Form 4868 here) and mailed, or filed electronically at the IRS Free File site.
Instead, file your tax return on time and pay as much as you can, even if it is a small portion of the taxes you owe. The IRS offers online payment agreements, installment plans, and exceptions for people with financial hardships. Because if you're working in your bedroom, you'll be thinking about the next day's tasks while you're trying to sleep -- basically, an insomniac's nightmare.
If the price-to-rent ratio on your property doesn’t add up, you will consistently lose money every month. Worse than ending up with bad tenants one time, is ending up with bad tenants consistently. Roofs, HVAC systems, wiring, siding, appliances, flooring, basically anything not kept up, can become costly. Maybe a major industry goes out of business or a natural disaster hits, who knows?  Or maybe it’s just consistent population decline.

If you do your taxes correctly, you are likely to set yourself up so that the income you earn on the properties ends up being (essentially) tax-free and then you may even get more money in tax benefits on top of that.
If you think you will owe additional tax, you need to estimate what you will owe and include that amount with your extension application.
According to the IRS, by doing this you will avoid a late filing penalty, which is higher than the penalty for not paying all of the taxes you owe on time. And if you're working in the kitchen, you'll be reviewing the contents of the refrigerator rather than what's on today's agenda. Anyone who has ever owned a house, whether for themselves or as an investment property, knows how quickly these costs can add up. Any amount owed that is not paid by April 15 will be subject to interest and possibly penalties for not paying on time. Things will only get worse if you don’t file on time, and the IRS really is willing to work with you to get your tax debt paid.
Bad tenants may stop paying rent for some reason, and the eviction process can be timely and costly for the owner.

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