Tax credit/deduction on investment property

[Account Closed]

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...

[Daniel Hyman]

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.