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What is chattel? |
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Chattel is Personal property that you can deduct form your taxes over 5, 15, 27.5 years. Rental properties are full of items the landlord owns but the renter uses (chattel). Examples of chattel are: Appliances that are not permanently attached to real property,flooring, light fixtures, cabinets,landscaping and many other items. Chattel is anything owned and tangible, other than real estate (and by real estate, I mean the actual building). It’s property that is movable.
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Why should I know about Chattel? |
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| If you own a rental, you are paying taxes you don't needed to pay. You can depreciate chattels (personal property ) from your taxes at an accelerated rate. Your rental property is considered a business to the IRS if you are collecting money for rent. When you rent your property out, the occupant also rents your chattel or personal property in the house which wears and tears from their use. The IRS allows you to depreciate personal property off your taxes to retain some of the residual value lost by allowing renters to utilize your personal property. |
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Why should I use Chattel Depreciation Services? |
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| We can save you time and money. Our average client saves over 3 times their initial investment on tax savings alone. That doesn't include the countless hours you will save because you won't have to go learn the tax codes yourself! |
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How much will I save? |
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| Your saving will depend on several factors, such as: the value of the chattel in your rental and your tax bracket. Most rental properties have approximately $20,000 in chattel. We guarantee that the 5 year depreciation total will be at least $5,000. In a 28% tax bracket, this would be tax savings of $1400. |
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What is the acceptable amount of taxes for a real estate investor to pay? |
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| ZERO. Did you pay zero in taxes last year? Over the last 3 years Real Estate Investors, who know what chattel is and why it is important, have saved over 2.3 million dollars on their taxes. |
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What will I recieve with my chattel appraisal? |
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| You are provided with a depreciation schedule you hand to your tax accountant, pictures of all you chattel, and model / serial numbers for all your appliances. An added bonus is that if your property is every damaged (for example in a fire) or broken into, you will have proof of all the items you owned in the property. |
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