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.
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.
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.
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?
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.
2023 Tax Form and Filing Deadline Overview
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!
Information Needed to File Taxes for Rental Property Investments
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?
What Costs Are Deductible Prior to Purchasing My Rental Property?
Learn more about proper accounting for start-up costs for your rental property business.
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?
Understanding the Schedule E for Rental Properties
Most real estate investors report the net income or loss from their rental properties using this form.