Setting Up Taxes

I became a landlord in March, 2004 by choice. I want to set up my records now so when the end of the year comes everything will be organized. Does anyone have a recommendation on a book or other information to help me set up my records? I'm not sure how to organize my receipts, and if there are things I should be writing off that I did think of. Thanks rolleyes

Comments(2)

  • DaveT8th May, 2004

    Get a copy of IRS Schedule E (1040). The expense categories on the form give you a good starting point for cataloguing your expenses and organizing your accounting system.

    Then get a copy of IRS Publication 527, Residential Rental Property, to get a perspective on allowed expenses against your rental income.

  • TNTRASH8th May, 2004

    Find you a good accountant that handles rental property. ask them how many and for www.references.It will be cost effective.

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