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Preparing For Tax Season

With tax season here, it’s time to ensure all your documentation is in order so you can maximize your deductions and stay compliant with state and federal tax laws. As a rental property owner in Pennsylvania, there are several key tax considerations to keep in mind when filing for the 2024 tax year.

Receiving Your Tax Forms

By now, you should have received your tax documents from us, detailing your rental income and expenses for 2024. These forms are crucial for your tax filings, so we encourage you to review them carefully. If you have not yet received your tax forms or require additional documentation, please reach out to our office.

Common Tax Deductions for Pennsylvania Rental Property Owners

 Mortgage Interest – Deductible if you have a loan on your rental.
Property Taxes – Deductible state and local taxes.
Repairs & Maintenance – Covers fixes like leaks, painting, and appliance repairs (not major renovations).
Depreciation – Spread deductions for property upgrades over 27.5 years.
Property Management Fees – Fully deductible expense.
HOA Fees – Deductible for rentals in HOA communities.
Insurance – Landlord, liability, and umbrella policies qualify.
Legal & Professional Fees – Includes attorney, accountant, and tax prep costs.
Utilities & Services – Deduct if you pay for water, trash, landscaping, or security.

 

Talk to a Tax Professional

While we do our best to keep you informed, we at RPM Pittsburgh are not tax professionals and cannot provide tax advice. Every investor’s situation is different, so we highly recommend speaking with an accountant or tax expert to make sure you’re filing correctly and taking advantage of all eligible deductions.

If you need help locating any tax forms or have questions about your rental income reports, feel free to reach out to us—we’re happy to help!

 

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