The Real Cost of Rental Income Spreadsheets—And What to Use Instead
Rental income spreadsheets and templates are popular for new landlords, but these worksheets create problems in daily operations. And when it’s tax season, those problems
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Rental income spreadsheets and templates are popular for new landlords, but these worksheets create problems in daily operations. And when it’s tax season, those problems
A 1031 exchange is a powerful tax-planning tool for rental property owners — as long as investors follow the rules and timeline set by the IRS. However,
We all think of April 15th as Tax Day – but did you know that there are different filing deadlines for different tax forms? Read on to learn more!
Real estate accounting is a key component of running a successful business. Accurate, well-organized books give you insight into your business, helping you manage your
Real estate accounting software is a key tool for running a rental property business effectively. But many bookkeeping platforms are available, and we know you
Managing rental properties comes with a long list of responsibilities, from tenant relationships to maintenance issues. With all those tasks, staying on top of property
Many real estate investors looking to optimize their processes wonder, “What’s the best rental property accounting software for small landlords?” Your books are the foundation
The grouping election is a tax strategy that real estate investors use to minimize their tax burden. Do you own multiple properties or work another
The short-term rental (STR) tax loophole is a strategy real estate investors use to reduce their tax burdens by offsetting rental income with real estate
Twenty-nine million businesses in the US use QuickBooks, making it one of the top accounting tools for small businesses. But is QuickBooks good for landlords? Although
Investing in luxury real estate means more than just buying an expensive or large property. When you purchase high-end real estate, you focus on catering
Short-term rental demand has skyrocketed in recent years. In 2023, the short-term rental market in the US reached $64 billion, according to AirDNA. Are you one
A property valuation is the estimated value of a property’s worth at a particular moment. Investors then use the estimate for legal, financial, or transactional
When you’re starting a rental property business, one of the key decisions you’ll make is how to structure your business. Today, we’ll discuss the pros and cons of LLCs, S corps, and C corps and how they may affect your rental property business.
Before rental property owners can calculate their depreciation for the year, they must determine an asset’s class life and recovery period, which are set by the IRS. We’ve put together a table showing common rental property assets and improvements along with their expected lifespans and recovery periods for you to use as a quick-reference guide!
You’ve decided it is time to get a bookkeeper for your rental property business – but do you know where to start? It can be a lot to think about, so we’ve put together a guide to hiring bookkeepers for rental property owners.
You own rental property- but does that mean you are self-employed? Today, we’re tackling several key questions about self-employment tax, who it applies to, and what you need to know!
Vacation homes make fantastic seasonal rentals, and the IRS even offers tax breaks to property owners who meet certain requirements. Let’s talk about seasonal rentals, the pros and cons of short-term rentals, and the tax implications that come from renting out your vacation home.
No matter why you put your personal property into service as a rental or for business use, you need to know its basis to be able to claim depreciation deductions. Today, we’ll cover the basics of basis, depreciation, and their calculations for three types of personal property in service.
The home office deduction can be complicated, and questions are understandable. What can you include in the deduction? How do you calculate it? Where do you report it? Today we’ll cover the dos and don’ts of the home office deduction so you’ll be ready to file in time for tax day.
Have you thought about setting up a property management company? It may sound like an easy way to make money and realize tax benefits, but it may be more complex than you think. Before you jump in, consider these pros and cons of starting your own property management company.
Calculating revenue is a hot topic for rental property owners, particularly since reporting too little or too much income comes with significant consequences. In this article, we’ll discuss the basics of reporting rental income, ways the IRS can learn about unreported revenue, and the potential results of incorrectly reporting your rental income.
Rental losses are common in the real estate investment industry, but many investors aren’t sure how to handle them when tax time arrives. To clear up this confusion, today we’re answering the top five questions related to real estate losses.
As a real estate investor, you may wonder if hiring a property manager is right for you and your rental business. Each situation is unique, so let’s discuss what property managers do, types of property managers, and the pros, cons, and fees associated with management companies.
Today we are examining the Schedule E’s income and expense categories. When it’s time for you to complete your Schedule E, you’ll be confident that your reportable income is accurate and your deductible expenses are properly categorized.
Knowing how to budget and plan for costs will save you money and stress in the long run. So, we’ve created an eight-step process to help you create, maintain, and use a budget effectively for your rental property business.
Let’s compare and contrast aspects of long- and short-term rentals so you can choose the investment strategy that works for you!
All businesses must pay taxes to federal, state, and local authorities – but there are dozens of kinds of taxes. Do you know which taxes your rental property business is required to file and pay?
You know you need a cash reserve for your rental properties, but how much should you save? Today, we’ll discuss the six most important factors and strategies to consider when setting a savings goal for your property’s cash reserve.
When you sell an investment property, you need to create a journal entry to record the transaction. There are many factors to consider, but we’ve provided a sample situation and journal entry as a reference point.
Key performance indicators (KPIs) help rental property owners evaluate their properties and increase their revenue and profitability. We’ve put together a list of the seven most important KPIs to help you measure, monitor, and manage your rental properties effectively.
Have you ever had to travel out of town for your rental property business and wondered what the IRS does or does not consider deductible? Read on to learn more!
Let’s review the benefits of being a real estate professional, the criteria for becoming one, and best practices for proving your professional status to the IRS.
Most landlords use cash basis accounting, but do you know why? Let’s review the basics, the tax benefits, and some best practices.
There is a lot to keep track of when managing and keeping the books for a rental property investment. Check out our list of the top five bookkeeping errors we commonly see to make sure that you don’t make the same mistakes!
If you are as diligent as you should be about storing key records and documents, you may find yourself swimming in paper or electronic files and wondering: how long do I need to keep this stuff?? Read on for the answer!
Having an insurance policy for your rental property helps offset the costs to repair damage from accidents, vandalism, or natural disasters. But once the insurance company has processed your claim, how do you account for the insurance payment?
Keeping accurate financial records is important all year long, but as tax season approaches, many real estate investors start thinking about one question: What information do you need to file taxes for rental property investments?
Double-entry accounting may sound more difficult at first- but it is the standard for a reason! Read on to learn more about how double-entry accounting can minimize errors, eliminate the need for duplicate transactions, and increase the chances that your rental property books balance!
If cash is king – then you better be familiar with a cash flow statement! Let’s discuss what a cash flow statement is, how it differs from a balance sheet and income statement, and how to read it correctly.
Whether you’re interested in flipping one property or starting a business dedicated to house flipping, it’s important to have a good accounting system in place!
House hacking is a popular way to get started in real estate investing – and for good reason! But since house hacking inherently blends personal and rental costs, there are some implications for your accounting that you should be aware of, especially at tax time.
Every rental property investor takes depreciation deductions on their taxes every year, but not every investor knows exactly what that means or where those numbers are coming from. Read on for a primer on rental property depreciation!
We’ve compiled a glossary of the most common accounting terms associated with rental properties – check it out now!
Learn more about proper accounting for start-up costs for your rental property business.
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