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ByTierney Cavanagh

10 Mistakes New Landlords Make – And How To Avoid Them

5. No depreciation schedule
A depreciation schedule is the schedule of items that can be depreciated at a certain rate allowing you to claim a tax deduction against your taxable income. It is amazing how many people don’t have one or only think this is useful with new properties.

The reality is that an investment of a few hundred dollars can literally save you many thousands of dollars in tax, even for an older property you have just purchased.

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