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Updated over 5 years ago on .
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resources for a simple method for tracking rental expenses/income
I have 4 rental properties just recently purchased. I jumped in and am just learning as I go. I know I need to get my tax "stuff" in order and develop a good system to keep track of all of this. I am a pretty meticulous person so I actually don't mind the task I just don't understand it yet. For example, as I was getting started I used $1000 of some rental income from one property to pay back a credit card that I had used to pay for living expenses while I was buying another property. So the credit card expense wasn't related to any property purchases (not directly) but I pulled the money out of one of my property accounts. I just don't know what to do with that transaction. Maybe because it wasn't a business expense that I used the money for I just ignore that transaction (in terms of tax purposes?) So...not really looking for a specific answer to that problem but it is just an example of me needing a down and dirty basic guide on the paperwork side of the rentals. I have started using STESSA but I need to learn more. Thanks all, sorry for making this such a long post!!
Most Popular Reply

Just keep in mind, you want to track your financials not only for tax purposes but for you to know what your equity is for each property.