Landlords, How To Make Your Books A Turn Key Project For Your Accountant
Whether you have one rental property or ten, managing the accounting books can be daunting. You don't want to miss legitimate deductions or either under- or over-report income. Here are the basics of what you need to know in order to successfully keep the books for your rentals.
Income
Obviously, the lion's share of income that a landlord receives is in the form of rent paid. Tracking rent payments isn't very hard and should be done separately for each rental unit, at least on a separate notebook page.