RESOURCE ARTICLES
Check out our articles below to learn more about the fundamentals of rental property accounting.
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.
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?
How Much Do I Need for My Rental Property’s Cash Reserve?
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.
Do I Need a Cash Reserve for My Rental Property?
Owning rental property comes with a certain amount of risk, and maintaining a cash reserve is the best way to ameliorate that risk. Today we’re covering the basics of cash reserves and savings tips that you can start using immediately.
Journal Entry for Selling Rental Property
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.
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?
How to Handle Expenses for Out-of-Town Travel Related to Your Rental Property Business
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!
Who Counts as a Real Estate Professional?
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.
Why Rental Properties Mostly Use Cash-Basis Accounting
Most landlords use cash basis accounting, but do you know why? Let’s review the basics, the tax benefits, and some best practices.
Bookkeeping for an Insurance Claim
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?
Double-Entry Accounting: What Is It and Why Does It Matter for Rental Property Accounting?
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!
Real Estate Investing Accounting Glossary
We’ve compiled a glossary of the most common accounting terms associated with rental properties - check it out now!
What Costs Are Deductible Prior to Purchasing My Rental Property?
Learn more about proper accounting for start-up costs for your rental property business.
Are the repairs at your rental property an Expense or a Capital Improvement?
Are the repairs at your rental property an Expense or a Fixed Asset?
How to create a property purchase journal entry from your closing statement
How to translate the line items from your closing statement into a proper journal recording the purchase of your property
What do I need to know about mileage deductions for my rental property investments?
Can you claim mileage for your local travel related to your rental property business?
Security Deposit Accounting FAQs
Answers to the most common questions on the do's and don'ts of accounting for security deposits
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.
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!