As the end of the year approaches, the spirit of the holidays may unfortunately be overshadowed by thoughts of the upcoming tax season. However, tax season doesn’t have to be a daunting thought when you’re the owner of a rental property – in fact there are many tax advantages that come along with owning rental property. Any funds you put into repairing or improving the property may be deducted as may hotel and travel expenses if you live a great distance from your property. The depreciation of property is another great advantage as the book value of a property may decrease while you are in fact increasing your non-taxable income each year. Read on for more information regarding property ownership and how it could be advantageous when you do your taxes this year!