While owning a rental property can be a terrific way to bring in income, those extra dollars can make things complicated when it comes to preparing a tax return.
Fortunately for the 15 million people who own rental properties in the U.S., there are ways to make tax season a little more manageable:
• Store your receipts, bills and statements during the year. This will make it much easier to locate and organize them at tax time. Create an envelope or folder for each property, and put all of your receipts in there during the year. Do the same for regular bills such as the mortgage, property taxes, insurance, utilities, etc.
• Keep good rental payment records. You probably get a lot of checks-and even cash-from your tenants during the year. It can be really hard to figure out at tax time if you don’t stay organized during the year.
• Know what property each check comes from. You can record this with your bank deposits in your checkbook or a spreadsheet or rental property software.
• Use rental property software like Quicken Rental Property Manager 2.0, designed for people who own up to 10 properties and 25 total...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
