All Forum Posts by: Teri Husak

I created an electronic google doc time tracker:

Time Log

Contemporaneous time log of rental real estate activities

Activity Description

Tenant recruitment

Tenant screening

Negotiating and executing leases

Overseeing repairs and maintenance

Communications with tenants and vendors

Travel time

Research for potential rental real estate (pub 925)

Acquiring rental real estate (pub 925)

Paperwork/bookkeeping/banking

Research and purchase of materials

Rent collection

Eviction

On-site cleaning

Bill payment

Other:

Time Spent

Date

MM

/

DD

/

YYYY

Submit

@Katie Jewell

I record on these activities daily. I created a google form that is a checklist and the responses can be transferred to google sheets - I can see running total of hours being tracked.

Activity Description

Tenant recruitment

Tenant screening

Negotiating and executing leases

Overseeing repairs and maintenance

Communications with tenants and vendors

Travel time

Research for potential rental real estate (pub 925)

Acquiring rental real estate (pub 925)

Paperwork/bookkeeping/banking

Research and purchase of materials

Rent collection

Eviction

On-site cleaning

Bill payment

Other:

Time Spent

Date

@Christie M.

Just listened to this podcast. Super great!!

Thank you

@Andrea Ragan

I use Cozy.co. It’s free with online application and rent collection. You can upload pics and provides a link to application that I copy and paste into Facebook marketplace when advertising vacancies.

@Nate Martin I use Cozy.co. It’s free. I like it. It has online application and rent collection- tenant pays for background and credit checks.

Then I use Stessa. It’s free. For bookkeeping.

Then I use my bank to pay contractors electronically.

If there is a better system, would like to hear about it!

Sure. Your welcome. Also I started taking photos - of projects - for proof. I figure my emails and texts also provide proof of my activities. But don’t have a good organizational system for them. 
I did ask my accountant if all this was worth the “real estate professional” checkbox...he said yes and for me to stay diligent on documenting...

Would love to be in a chat with REP’s that have gone thru audit!

@Dusty Laurin I documented all my research and education activities and the creation of my time tracking form. I have other hours to cover if becomes an argument with the IRS tho.

I figure upon our audit - the only thing they will be able to target is my 750 hr time.

@Teri Husak

Here is my activity list and appreciate feed back.

Activity Description

Tenant recruitment

Tenant screening

Negotiating and executing leases

Overseeing repairs and maintenance

Communications with tenants and vendors

Travel time

Research for potential rental real estate (pub 925)

Acquiring rental real estate (pub 925)

Paperwork/bookkeeping/banking

Research and purchase of materials

Rent collection

Eviction

On-site cleaning

Bill payment

Other:

@Dusty Laurin I started by purchasing a calendar journal and hand writing my activities and time.

I asked my account a lot of questions, read everything - including case law on what is ?approved?real estate activities. I submitted a list to my accountant and he has approved my “list” so I target documenting those activities.

Since I have my cell phone all the time... I recently created a google form with my “approved” activity list and daily time spent. I then connected the google form to google sheets (it’s like excel) and that is my documention all nice and neat and tallies all my time into one cell. I also like google sheets, because it date/time stamps my entries - so I can prove “ comtemperaneous” documentation. I watched a YouTube video on how to do it - not hard.

I haven’t been audited so no idea if this idea of documentation is above board, but certainly better than where I started.

Best to you!

@Dusty Laurin

We checked the box on our tax return qualifying me as a real estate professional. My husband works full time-W2 employee. I don't a job. Our real estate rentals are in a LLC. I document, document, document my 750 hours.

I understand where you might be at. I spent many hours researching what qualifies as approved activities. Find a CPA that knows the Real Estate Professional qualification to guide you - definition of qualified activities is not crystal clear.

Our CPA told us to expect to get audited 😬. Would like to have a convo with someone that has gone thru the audit...