I want to start out on the right foot

[Toby Russell]

I'm in the process of purchasing a condo for rental. But down the line I want to purchase several. For tax purposes is it required to have an LLC or similar to right off business expenses or can your average citizen do that?

[Kevin Schulz]

Just keep track of all your receipts and expenses related to your properties as they will all be deductible - and you don't need an LLC to get those deductions. You can just file along with personal return as rental business expenses. As you buy more condos, you might want to use QuickBooks to track everything and have all organized for CPA to do your tax return. It works very well for multiple rentals by setting each up as a class and assigning that class to every expense using the phone app or online.