Updated over 8 years ago on . Most recent reply
Tax credit/deduction on investment property
Hello all,
Just bought an investment property. Before you know it, tax season will be fast approaching. I just want to know how do you savvy investors keep track of your expenses? Any tips? Thanks...
Most Popular Reply
Guy S.
Good advice from Joel F.
When it comes to transactions for your rental property, you’ll want to record everything on a spreadsheet and (once you scale up) potentially on accounting software like Quickbooks Online.
Keep electronic copies of your invoices and receipts and make sure your are running everything through a bank account designated solely for the rental.
When it comes to tax preparation, you may want to consult with a CPA about how to best be prepared for that.
- Daniel Hyman
