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Retirement / Decumulation, Tax Planning, Assets and Investment Planning

Is My Rental Property Tax Deductible?

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:

  • Understanding how personally using their rental property may affect its taxation.
  • Recognizing how their rental property may be classified based on certain qualifying criteria, and being cognizant of how that fits in with their overall tax picture.
  • Identifying the extent to which rental expense deductions and rental income must be reported on their tax returns.
  • Being aware of how rental losses may be treated, and the effect that can have on their tax plan.
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Hundreds of other advisors are actively using fpPathfinder. Read what those lovely people have to say about us.
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— Michael, an advisor in California
“With working from home most of 2020, we wanted to still catch some face time with our clients. We used the checklists and flowcharts to conduct webinars covering various topics. In fact, having the charts readily available, we were able to do many of these on a weekly basis, knowing the material was pretty much already established. We had such great feedback that we are continuing the webinars into 2021. We have many that actually look forward to our meeting times, and found being able to have the flowchart or checklist available to work on their own later was an added bonus.”
— An advisor in Texas
“fpPathfinder is a great tool! It mirrors much of what I've developed on my own for tax planning, life events, etc. However, it's been great to double-check my own work in those areas and also to motivate me to deepen my knowledge on other topics”
— Jonathan, an advisor in Colorado
“Your software and platform are awesome and super helpful to me and my clients”
— Clinton, an Advisor in New York
“Our firm had been looking for something like this for so many years. A standardized checklist or flowchart of important issues to consider, and a way to integrate the responses into our system. When we stumbled across your service, I couldn't have signed up any quicker. We now use the checklists to conduct monthly webinars about the all of the important topics”
— An advisor in Texas
“Having been trained in a CPA firm, checklists were how everything was done, I was amazed to learn how little checklists were utilized in FP [Financial Planning]. I had created my own but FP Pathfinder has outdone me in creating current issue lists and updates. This is a must for any advisor. ”
— Advisor from California
“I think it’s the bees knees! I think it provides me and my clients the most value of any of the services we use at my firm. Everything is well-designed and the amount of material you guys pack into a page without it being overwhelming is AMAZING!”
— An advisor in Kentucky
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