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Updated almost 4 years ago,

User Stats

7
Posts
3
Votes
Colin Thompson
Pro Member
  • New to Real Estate
  • Salt Lake City, UT
3
Votes |
7
Posts

Tracking Expenses While Looking For 1st Brrr Deal?

Colin Thompson
Pro Member
  • New to Real Estate
  • Salt Lake City, UT
Posted

Since it's tax season, I'll ask the BP community instead of trying to find a CPA right away.

I'm beginning to see some expenses on my credit card related to RE: travel expenses to Salt Lake to network and look at houses, my BP Pro membership, and some architect consultation. I'm assuming these are all potentially tax deductible? 

I plan to open a business checking account ASAP and pay the RE related balance of my CC from there. Is this enough? Should I be using book keeping software so early in the game to track these preliminary expenses as I look for my first Brrrr deal in SLC? I know I'll need a business savings account down the road for renter's security deposits. Anything else I need to know before I find a CPA? Thanks!

  • Colin Thompson
  • Loading replies...