Tax accounting with Property Management Firm

[Arjun K.]

I have a property manager. The property manager will handle repairs automatically that cost less than $250. He nets these repairs out of the rent I receive. he provides a statement that shows the rent received, the repairs, his fee, and the ultimate net amount that is deposited into my bank account.

For tax purposes, how should I handle this? Should I just treat the net amount received as my "gross rent", and then deduct all of my expenses from this gross rent? Or do I need to receipts from the PM for every expense the PM is deducting from my rent? So I still account for my actual rent, then back out expenses that the PM charges me, and then back out my own paid expenses.

This will result in some complicated paperwork.

What is the "right" answer?

Thank you