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Updated almost 4 years ago,
How to track amortized tax deductions?
This is going to be my first year filing taxes with rental property. I know that some of the costs (like loan costs, points, closing costs) are amortized over the life of the property. I am interested to know what tips others have to track these deductions year after year. As I add more properties, the likelihood of loosing track of some deductions increases.
I know a good CPA can perhaps keep track of this but I am trying to file taxes on my own.
I can look at last year's return to figure out how much from each cost item is left to deduce but not sure if this is the best way.
Any suggestions for a good software which can help keep track of such amortized deductions.