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If you own rental property in Philadelphia, it’s important to understand local taxes for financial success. In this guide, we’ll explain two key taxes – the Net Profits Tax (NPT) and the Business Income and Receipts Tax (BIRT). This will help you make better decisions and plan your taxes smartly.
What is NPT for Rentals?
The NPT in Philadelphia is imposed on the net profits from all unincorporated businesses, including rental activities. This applies to both residents of Philadelphia, regardless of where the rental property is located, and non-residents who own rental properties in the city.
Key Considerations for Rental Property Owners:
Understanding BIRT for Rentals
The Business Income and Receipts Tax (BIRT) for rental properties is a tax on the gross income and net earnings from renting out property. This tax applies to anyone who owns rental properties in Philadelphia, whether they’re individuals or businesses, and aims to tax the income made from these rentals.
Key Points for Landlords:
Need help?
Handling taxes for rental properties in Philadelphia can be tricky. At DimovTax, we’re here to guide you through it, making sure you follow the rules and get the most out of your tax benefits. If you need help with NPT and BIRT for your rentals, just reach out to us today.
Call us today at (833) 829-1120, email us at info@dimovtax.com, or fill out the form and we’ll get in touch immediately.
Dimov Tax is rated 5 stars on all major review platforms including Google, Yelp, Facebook, Angie’s List, Better Business Bureau, TaxBuzz, Thumbtack, Upwork, Bark, and much more.
Call us today at (866) 554-0148, email us at info@dimovtax.com, or fill out the form and we’ll get in touch immediately.
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