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some insider tips


rental property expense checklist

There’s a lot to keep track of when managing the income and expenses of a rental property. Sometimes honest mistakes happen. When and if that happens, you’ll get a letter from the IRS letting you know you miscalculated, and you should be fine.

Accurately tracking rental property expenses is about more than just staying off of the IRS radar screen. Understanding all of the different expenses will help you create an accurate budget. Plus, you’ll capture all of the benefits and deductions offered by our country’s real estate-friendly tax laws:

  • Closing costs, appraisal and mortgage fees, property inspection fees
  • Real estate broker fees
  • Marketing and advertising expenses
  • Tenant screening costs
  • Property management fees
  • Materials and supplies
  • Maintenance and repair expenses
  • Pest control costs
  • Landscaping expense
  • Utility fees
  • HOA fees and special assessments
  • Vacancy cost allowance
  • Property turn expense between tenants
  • Property upgrade, rehab, and improvement costs
  • Professional fees for legal and accounting
  • Travel expenses
  • Home office deductions
  • Property taxes
  • Income taxes
  • Property insurance
  • Business and license permit expenses
  • Interest expense
  • Emergency repair costs
  • Funding reserve or “rainy day” accounts
  • Depreciation and personal property deductions
  • Pass-through deductions
  • Cost of your time

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