tips rental property expense checklist November 15, 2019, 8:30 There’s a lot to keep track of when managing the income and expenses of a rental property. Sometimes honest mistakes happen. When and if that happens, you’ll get a letter from the IRS letting you know you miscalculated, and you should be fine. Accurately tracking rental property expenses is about more than just staying off of the IRS radar screen. Understanding all of the different expenses will help you create an accurate budget. Plus, you’ll capture all of the benefits and deductions offered by our country’s real estate-friendly tax laws: Closing costs, appraisal and mortgage fees, property inspection fees Real estate broker fees Marketing and advertising expenses Tenant screening costs Property management fees Materials and supplies Maintenance and repair expenses Pest control costs Landscaping expense Utility fees HOA fees and special assessments Vacancy cost allowance Property turn expense between tenants Property upgrade, rehab, and improvement costs Professional fees for legal and accounting Travel expenses Home office deductions Property taxes Income taxes Property insurance Business and license permit expenses Interest expense Emergency repair costs Funding reserve or “rainy day” accounts Depreciation and personal property deductions Pass-through deductions Cost of your time
01/01/2019 The financial challenges of property management 01/01/2019 The importance of property inspections 01/01/2019 5 tips to improve the value of your property get in touch First name: Last name: Phone: E-mail: Message: send message
01/01/2019 The importance of property inspections 01/01/2019 5 tips to improve the value of your property get in touch First name: Last name: Phone: E-mail: Message: send message
