Asking for advice on taxes and accounting on one property.

[Corbin Jones]

Hello all,

I just closed on my first property (single-family home) in Milwaukee, Wisconsin, and I will be managing the property myself. The tenant has lived there for five years and has been very reliable. The least appealing part of this whole process is the accounting and taxes. I am great with people and I enjoy making my own decisions in real estate investments, but numbers can overwhelm me. I have no idea where to start with tracking expenses and income and ensuring that I am properly preparing myself for tax season next year. Do you have any suggestions on articles that I can read or spreadsheets that I should use? I need to learn the basics of handling taxes so that I'll be prepared for tax season next year. I understand that there is landlord software available on the web, but $40/month for software would not make sense, seeing that I only own one property. Thanks for the help!

[Brett Kash]

@Corbin Jones

I only have one rents property as well and just use excel to track expenses. You want to track every expense associated with your management of the property. This includes miles you’re driving to and from the property. As the last post suggested work with your CPA (I recommend getting a CPA. You will get your money back on this investment). Good luck and congratulations on the first property!!