2024 Contractors Insurance 
Authority Property Management
FEBRUARY 1, 2025
Signed into law in September 2024, California Assembly Bill 2622 (AB 2622) introduces updates to the Contractors State License Law that directly benefit property owners and renters. AB 2622 raises the dollar threshold for contracting work that does not require a licensed contractor.
Buildium
NOVEMBER 5, 2024
Property managers are required to request a W-9 from and issue a 1099-MISC form to each owner, attorney, and contractor they work with, so long as payments meet or exceed the $600 threshold. For 2024, the form looks like this: What Is a 1099-NEC form? The IRS makes (typically small) adjustments to the 1099-MISC form each year.
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Bay Property Management Group
FEBRUARY 26, 2025
After all, hiring contractors is deductible, so shouldnt your own hard work count too? However, there are other ways you can save on your rental expenses, like contractor and material costs. The IRS only allows deductions for real expenseslike paying contractors, buying materials, or hiring property managers.
Buildium
DECEMBER 17, 2024
For 2024, this was as much as $20,400 (the actual amount depends on the cost of the car and the amount of business use). The standard mileage rate for 2024 is 67 cents per mile. Insurance Deductions Insurance you buy just for your business is deductiblefor example, business liability insurance or insurance for business property.
Buildium
DECEMBER 30, 2024
For 2024, the standard mileage rate is 67 cents per mile. Insurance Insurance you buy for your business, such as business liability or property insurance. If you have a home office, you can deduct some of your homeowner’s insurance. When you hire an independent contractor, that cost is deductible, too.
Buildium
OCTOBER 28, 2024
In 2024, tenant quality emerged as the #1 concern for property management companies. For 77% of PMCs, vendor and contractor labor costs have gone up over the last year, exacerbated by the rising cost of materials and supplies. This helps explain why maintenance was property managers’ second-greatest challenge in 2024.
T&H Realty
FEBRUARY 10, 2025
The average rent for a single family home in Indianapolis was $1,593 as of Q4 of 2024. Insurance Costs: The cost of insuring rental properties has skyrocketed, with some owners experiencing premium hikes of 20-25%. Operating Expenses: The Profitability Squeeze While home prices have soared, rent growth has barely kept up.
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