Office expenses, utilities, and supplies.
This is often a little more complex as they may not occur regularly or are difficult to track when employees have an expense account. You will also have to keep track of deductible expenses.
Limited liability corporation records if you chose to incorporate as an LLC. Legal documents, inspections, court appearances, eviction notices, and fines. Copies of all communication between tenants. So, what are the essential records you must keep as a landlord? Here is a list of some of the most important documents: Related: Surprisingly Simple Solutions To Collect Rent on Time Always The bottom line is that your business depends on both. What Records Do You Need to Keep as a Landlord?Īccurate record-keeping is just as crucial as collecting rent on time. And if audited, it will be much faster and smoother with accurate record-keeping. You have a record of your tenants’ payments. You also know that every contractor or employee has been paid the right amount by the due date. Having everything in good order makes filing tax returns more straightforward, and you don’t have to send the IRS more money than you need to. Keeping accurate records is essential for any landlord’s peace of mind. Just when you think you’ve got it sorted, you realize that an essential receipt or bill is missing. 
Of course, that is until it comes to filing a tax return, applying for a loan, or facing the dreaded IRS audit. There is always something more important to do. It’s one of those tasks that no one wants to tackle. Let’s face it, tracking expenses for rental properties is one of the most time-consuming aspects of being a landlord.
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