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Updated about 8 years ago,

User Stats

12
Posts
2
Votes
Ashley Whidby
  • Professional
  • Coconut Creek , FL
2
Votes |
12
Posts

Rental Income and Taxes

Ashley Whidby
  • Professional
  • Coconut Creek , FL
Posted

Hello everyone! My question is about rental income and taxes. 

My tenant just moved in on October 1st and I want to be sure I am keeping all of the appropriate records for tax purposes. What records should I be keeping? Any suggestions for record keeping methods? I don't want to show up at tax time with a box of receipts and invoices. 

Also I don't have a CPA, so referral would be great?

What can I expect to be able to deduct from the rental income? 

I know mortgage interest, insurance, property taxes, maintenance expenses,  utilities (I cover the alarm monitoring), and depreciation. 

Thanks! 

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