Residential property which becomes rental property should be considered and handled strictly in a business manner. Emotional attachments to your home must be disregarded to a certain extent. Rent becomes income, and expenses or losses incurred on property become tax deductible expenses against the income derived from the property. The net debit or gain realized will be reflected on your personal IRS return in that manner. We counsel property owners to think of their property as a business, not a home, and in turn, determine how the property can best be tailored to suit their needs. Some owners want tax incentives, some income. You must determine the end result you desire or need, and we will try to help your property fulfill that need. If the property can not be tailored to fit that need, we will counsel you on alternatives. Our company can help you to achieve whatever goals you have set.