Accounting & taxes

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Can I deduct my own labor on rental repairs?

You cannot deduct the value of your own unpaid repair labor as a rental expense. Actual qualifying costs may receive different treatment depending...

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Do I need a separate bank account for my rental?

A dedicated account can make rental records easier to reconcile, but the required account structure depends on ownership, management and local...

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Do I need to send 1099s to contractors?

Review contractor payments against the IRS rules for the payment year, recipient and payment method. The federal general reporting threshold for...

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How do I calculate rental property cash flow?

For a stated period, subtract cash operating outflows, debt payments and capital spending from cash rental receipts. Keep reserve contributions...

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How do I track rental property expenses?

Record each expense with its date, payee, property, amount, purpose and supporting document. Reconcile those records to completed payments,...

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How does rental property depreciation work?

Depreciation generally recovers the basis of qualifying rental assets over time. Land is not depreciable, and the recovery method depends on the...

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How is rental income taxed?

Rental reporting depends on who owns the activity, its federal tax classification, property use and services provided. Residential rent with basic...

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What accounting setup does a small landlord need?

Start with separate rental records, supporting documents and a repeatable reconciliation process. Choose the tax reporting method with your...

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What can landlords deduct on taxes?

Potential rental deductions include qualifying operating expenses and depreciation, subject to the applicable rules and your circumstances. A...

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What happens to taxes when I sell a rental property?

A rental sale can create taxable gain and depreciation-related tax consequences. The result depends on adjusted basis, selling costs, ownership...

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What is a cost segregation study?

A cost segregation study analyzes a property's costs to identify assets that may have different tax recovery periods. Its value depends on your...

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What is a rent roll?

A rent roll is a dated summary of units, occupants, lease terms and scheduled rental charges. It helps describe a property's income arrangements,...