This is the landlord’s friend at tax time. Throughout the year you enter income and expenses for each property along with your mileage pertaining to each. Depreciation is also estimated by property and may optionally included in a summary report by month. It is automatically included in the property’s Schedule C regardless of this optional selection. At year-end you enter any mortgage statement info such as insurance, real estate tax paid and mortgage interest paid from escrow.
Throughout the year you can view reports showing profit/loss and determine if your rent is too low and to help you decide if you need to sell or keep the property(ies).
Don’t be caught at the end of the year trying to remember what you did for each property throughout the year. You are bound to forget important items, have no record of income or expenses or will record the wrong amount(s). Don’t short yourself on these important records. Buy Quick-Rentals today and cut your losses.