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For many, the prospect of turning their property into a source of rental income is very exciting. However, that excitement can turn to confusion when it comes to taxes. That’s where you step in.With your help, clients will have a better understanding of how taxes play a role in renting out their property. Using this flowchart will prepare you to handle their questions and identify certain tax rules that may apply to their situation.
This flowchart covers important distinguishing factors and tax concepts a client needs to know of when renting their property, such as: