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Real Estate
Reply to "Expenses when renting out a house [DC]"
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[quote=Anonymous]BE SURE to talk to an accountant. If you are renting, you will need to claim depreciation when you're doing your schedule of rental income. You'll have to pay the recapture on that whenever you sell, regardless of whether you actually took the depreciation. (I learned this directly from my accountant). If you're using a property manager, be prepared to pay a half-month to a full month rent every time you get a new tenant, and 8-10 percent of each month's rent to manage it. Insurance shouldn't go up too much. Get an excellent handyman, electrician, plumber and HVAC whom you trust and can count on to make visits on short notice. Be sure to get your Basic Business License. D.C. does audit properties without them and will probably track you down sooner or later. Be sure to void your homestead exemption (sounds like you're already doing that).[/quote]
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