Self management income reporting, how to?

[Michael King]

It might seem obvious, but you don't know what you don't know.

I started self managing my first rental in October last year, how should I report the income to the IRS? Just tell my CPA and he'll take care of it? Or is there some kind of 1099 type form to report it with? And a particular way to report it to the state of Missouri? Sorry for being a dummy.

[Soh Tanaka]

How do you currently keep your record?

[Jessica Bridges]

You can report it when you file your taxes (usually form 1040) But there is a part when filing online that will ask if you have any rental or investment income.

[Michael King]

@Soh Tanaka I just keep a spreadsheet. @Jessica Bridges so I'll just tell my CPA how much I've taken in and he'll take care of business, then?

[Nicole Heasley Beitenman]

I used Turbo Tax until I had too many properties. It will ask you about your income and expenses and do the work for you. Just be sure to double check TT's work. 

Once you get up to 3 properties or so, you'll want a CPA. They do more for you than file taxes. 

[Jessica Bridges]

@Michael King yes. You can give him the write offs as well. He should be able to take care of it for you. 

[Soh Tanaka]

It sounds like the best option is to give the spreadsheet to a good accountant, and he should be able to guide you to the right direction.