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Multifamily buyers should also consider the tax implications, including some favorable deductions for maintenance, snow removal and depreciation.
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If it is rented for more than 14 days, the income must be reported and deductions for things like maintenance, commissions, utilities, fuel and depreciation can be taken, subject to limitations in the tax laws.
The feds say he omitted income, took improper deductions for mortgage interest, maintenance and security at his residence, and shouldn't have written off a $51,950 loss on the sale of two antique cars.
Other possible red flags that could trigger an audit include deductions for either a home office or maintenance of a rental property.
"Donations for maintenance?
Delays for maintenance are lengthening.
They called for maintenance.
You work for maintenance".
"I had it done just for maintenance.
"We're borrowing for maintenance," Mr. Croft said.
So thank heaven for maintenance issues.
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