Many people like rental income because it seems passive and simple, until it isn’t so passive … or simple! Using this checklist, you may better understand the challenges and nuances that exist with owning a rental property. Whether it’s landlord responsibilities and managing risk, or investment and tax/estate concerns, there's a lot to consider. This checklist covers some key issues you must consider when owning a rental property, such as:
- The extent of responsibilities a landlord may be subject to.
- The increased and varied risks of owning a rental property.
- The multitude of tax factors that come into play when owning a rental property.
- The impact owning a rental property may have on your estate.
Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.
The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.
Published for the blog on January 25 2024 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.