RESOURCE ARTICLES
Check out our articles below to learn more about the fundamentals of rental property accounting.
Self-Employment Tax and 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!
Exploring Seasonal Rental Income: Put Your Vacation Home to Work
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.
Calculating Basis & Depreciation for Personal Properties Put into Service
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.
Calculating Your Home Office Deduction
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.
Can Rental Property Businesses Take a Home Office Deduction?
Whether or not you can take a home office deduction for your rental property is not an easy question! To help you navigate this gray area, we’ve put together a review of the home office deduction and the questions surrounding it. Why is there a debate? Who qualifies for the deduction? Is taking the deduction worth it? We’ll cover all those and more.
Pros and Cons of Starting a Property Management Company for Your Rental Properties
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.
Reporting Rental Income: IRS Red Flags for Property Owners
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: Deductions, Suspensions, and Exemptions
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.
Small-Scale Property Managers: Right for Your Rental?
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.
Auditing Schedule E Income and Expense Categories
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.
Quick and Dirty Tax Prep for Last-Minute Filers
If you’ve put off working on your tax return, don’t panic. REI Hub is here to help. Use our checklist for last-minute filers to tackle your tax prep essentials.
Beyond Deductions: A Comprehensive Tax-Time Review
Getting your tax return ready for your rental property business can be overwhelming and stressful. We can help you fight that tax-related anxiety, though. REI Hub’s comprehensive five-part review will help you get ready for tax time.
Signs Your Books Aren’t Ready for Tax Time
Rushing through your tax prep for the year comes with risks, so we’ve put together a checklist of accounting red flags. If your records have any of these issues, your books may not be ready for tax time.
How to Create a Budget for Your Rental Property
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.
Preparing Your Rental Unit for Winter: Tips for Protecting Your Investments and Tenants
Winter presents unique challenges and risks for rental property. Use our checklist and tips to get your rentals—and tenants—ready before winter settles in.
Year-End Financial Planning For Rental Property Owners
The end of the year is a hectic time for everyone—including rental property owners. We’ve put together an outline to help you review your books—and business—so you can finish this year confidently.
Long- or Short-Term Rentals: Which Investment Strategy Is Right for You?
Let’s compare and contrast aspects of long- and short-term rentals so you can choose the investment strategy that works for you!
7 Myths about LLCs for Rental Properties
An LLC is a great option for many landlords—but maybe not for the reasons you’re thinking. Let’s look at these misconceptions to uncover what the true purpose of an LLC really is.
Accounting Workflows: Streamline Your Bookkeeping Process to Protect Your Business
As a rental property owner, you wear many hats, and all too often admin work like bookkeeping gets pushed aside, forgotten, or ignored. We’ve categorized key bookkeeping tasks by frequency so you can customize a workflow and run a better business without getting behind!
9 Kinds of Business Taxes: Which Apply to Your Rental Properties?
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?