AnswerAccounting & taxes
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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Accounting & taxes
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AnswerAccounting & taxes
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...
AnswerAccounting & taxes
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,...
AnswerAccounting & taxes
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...
AnswerAccounting & taxes
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...
AnswerAccounting & taxes
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...
AnswerAccounting & taxes
What can landlords deduct on taxes?
Potential rental deductions include qualifying operating expenses and depreciation, subject to the applicable rules and your circumstances. A...
AnswerAccounting & taxes
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...
AnswerAccounting & taxes
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...
AnswerAccounting & taxes
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,...
AnswerAccounting & taxes
What is Schedule E and how do I fill it out?
Schedule E is an IRS form used for certain supplemental income and loss, including many individual rental real estate activities. It is not the...
AnswerAccounting & taxes
What is the best accounting software for landlords?
The best fit is the system that supports your actual accounting work, produces usable exports and keeps records traceable at a sustainable total...