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.
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.
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.
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.
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!
Do You Need Property Management Software?
We’ve all seen the advertisements for property management software, promising to put your real estate investments on autopilot. But does it live up to the hype, and how can you get the most out of it?
Top Five Errors in Rental Property Bookkeeping
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!
Spring Cleaning: What Rental Property Documents to Keep, What to Toss, and When
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!
How to Get 2023 Started Right with Your Rental Property Accounting
The beginning of a new year isn’t just tax time, its also an opportunity to review your accounting processes and make adjustments to get the new year started off right!
The advantages and disadvantages to owning rental property in an LLC
Wondering if you should create an LLC to hold your rentals in? Read on to see what you can gain and what you need to consider.
How do I set up the Chart of Accounts for my rental property business?
Your chart of accounts doesn't have to be complicated- instead think of it as an essential tool for organizing your finances
Do I need accounting software for my rental property investments?
If you are asking yourself whether or not you need accounting software for your rental property portfolio, the answer is probably yes!
Do I need a separate bank account for my rental property?
From saving you money and time to reducing your risk, separating your personal and business finances is the foundation of easier, stress free real estate accounting and bookkeeping.