Where is everyone tracking their expenses for rentals for write offs? Is there an app you use? Thank you.

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For starters, you should have a separate bank account for your rentals. That makes it a lot easier at the end of the year. From there, I just organize mine in an excel spreadsheet.

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Second this, second bank acct to run all rev/expenses through and an excel sheet

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I use TurboTenant which is a property management tool for landlords.

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Google sheet

I have a tab for every year. Each entry gets the date, the category of the expense, the vendor name, the account / card it was paid for, and a brief description.

I also track revenue in a different set of columns. Dates, names, source, Gross, fees, taxes, and net.

Taxes at the end of the year is just a matter of summing up the categories. Takes about 20 minutes per month to popular, and 20 to 30 minutes a year for taxes.

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So have each one in LLC and then bank account for each? Got it!

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Same with a small business you would say?

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I’ve been wondering the same thing! I’ve been using an excel spreadsheet for the time being.

How do you calculate depreciation? Is there a specific website you use? I’m also wondering what value to consider for my house..

Then read the tax code and figure it out 😬

It tells you how to calculate depreciation. I pay my tax guy so I don’t have to read. 🤷‍♂️

Do you really put your rentals in a LLC? What about just getting an umbrella policy?

I was using excel

I use Home Hub 365 (app) to track a lot of it.

Nothing beats a good excel sheet

I have 20 units and easily manage expenses using quicken. They sell a “landlord edition” but that is unnecessary for me because I don’t use quicken for actual tenant management, only expense tracking. Quicken is really good at automatically downloading personal and business account transactions, then every now and then I simply open quicken and tag the various expenses that are related to the rentals. Then at the end of the year it’s simply a matter of outputting a Quicken tax report (one click) that shows all the expenses and their respective tax categories. At that point all I have to do is format this, do some spot checks, and send it to my tax preparer.

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