Transcript
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Ralph: Do you own a rental property?
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Are you confused about how to keep track of rental income and expenses for tax purposes?
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We'll stick around today.
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As we dive into tips.
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For properly accounting for your rental property, if you own a rental or many rentals, or if you're considering getting into the rental business, this is a show you don't want to miss.
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Thank you for joining us on this Saturday episode of the program.
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Today, we're talking about a topic that many real estate investors have questions about, and that's how to handle accounting for a rental property.
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This is a question we get routinely in our practice, whether you've just purchased your first rental property, or if you've been a landlord for many years, it's crucial to have a good system in place to track rental income and expenses.
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Proper accounting will ensure you maximize tax deductions.
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Avoid headaches at tax time.
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And trust me, that's what I want you to avoid and have all the documentation needed in case of an audit.
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And nobody wants to be in an audit.
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Today, we'll explore the best practices for accounting for your rental property.
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So you can be a savvy steward of the investment.
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God has given you.
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Get ready to gather some key takeaways to implement for your rental business.
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It is a beautiful sunny, but it get big, cool morning here on the farm.
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As I drove over to the office to record this morning, the cows were awakened to a new day and the sound of a few roosters could be heard amidst the Lamb's calling for their moms from the farm next door.
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I'll tell you folks living on a farm is really a different kind of life, but they're certainly never a dull moment.
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Let's get to the topic today.
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Don't forget to subscribe to the show and join our email list.
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You do that at askralphpodcast.com . So you don't miss tomorrow's show.
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When we do our Sunday show.
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And the topic we're going to talk about is it is finished.
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Your debt is paid.
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It's going to be a true discussion on the debt paid by Christ.
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Each of us, you don't want to miss tomorrow show.
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Let's start with our relevant Bible verse.
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I always want to give you a Bible verse to start our discussion.
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And this Bible verse comes from the book of Luke chapter 16.
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That reminds us of our relationship with money and possessions.
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It's an opportunity to be faithful stewards and honor God.
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So here's that Bible verse.
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One who is faithful in a very little is also faithful in much.
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And one who is dishonest in a very little is also dishonest in much.
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If then you have not been faithful in the unrighteous wealth.
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Who will entrust you to true riches.
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And if you've not been faithful in that, which is another's, who will give you that, which is your own.
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No servant can serve two masters for either he will hate the one and love the other, or he will be devoted to the one and despise the other.
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You can't serve God and money.
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Well, my friend's that is a piercing verse, but it's a good way to start.
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So let's start with the basics.
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As an owner rental property, you're considered self-employed for tax purposes.
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That's when it comes to reporting your rental activities.
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This means your rental property is considered a business and you need to run it like a business.
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You're going to report your income and expenses on schedule E of your personal tax return.
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And the net profit or loss from the rental will flow through to your personal income tax return.
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And be mixed with all your other items.
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Now, if you operate your rental property through an LLC or corporation, the reporting process will be a little different, but we're not going to get into that today.
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Maybe we'll do that in a future episode.
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The number one rule when managing your rental property finance is to keep business and personal expenses completely separate.
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You don't know how many times I've tried to unwind this.
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In fact, I just did a podcast episode a week or so ago about this.
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Mixing the two creates, accounting, headaches.
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Trust me.
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I know that.
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And it also raises your chances of an audit.
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So you want to have a dedicated checking account and credit card just for the rental to easily keep track of income and expenses.
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That is truly the first thing I tell people to do.
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So let's start with five key tips to properly account for your rental property.
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The first one is pretty basic and that's track all rental income.
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Obviously you need to record all money received from tenants for rent.
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For security deposits for pet deposits or anything else they're paying you for?
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The IRS requires you to report all income.
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Even cash payments.
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You could do that by setting up a simple spreadsheet or you can use accounting software to carefully document every cent of rental income.
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One of the things that I will tell you to do is issue receipts for payments received is a smart practice, to have proof of cash transactions.
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So if you've got a tenant that wants to pay you in cash, One of the things you can do is issue a receipt.
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Now here's the key to this.
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You want to deposit all checks and cash received into the dedicated rental checking account in a timely manner.
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Here's one thing you want to avoid, you want to avoid using rental income to pay personal expenses.
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And trust me, I've seen that.
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The next thing you want to do is deduct all allowable expenses.
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This is the time when you say Ralph, what are those deductible expenses?
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So let's talk about some of the most common rental expenses you can deduct.
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obviously one of the biggest ones of those is your mortgage interest.
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So if you've got a loan on the property, you can deduct that interest.
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You can also deduct the property taxes.
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Insurance.
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Management fees, maintenance and repairs.
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And we'll talk a little bit about repairs versus improvements later.
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If you have HOA fees, you can deduct those utilities.
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advertising cost to find tenants.
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And mileage and travel to manage the property.
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And that's one a lot of people don't know about.
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So we'll dive into that a little deeper here in a few minutes, the key to all this is save receipts and track every expense in your accounting system.
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Allowable deductions help lower your taxable rental income.
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So you want to be diligent about this to capture all legitimate business expenditures.
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Things like renovations or property improvements.
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Can't be fully deducted in the year paid, but are depreciated over time.
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And that's where I'm going to do the sidetrack and tell you to consult with an accountant or tax pro in that area.
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So here's a pro tip.
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One of the things I definitely recommend is set up automatic bill pay from your rental checking account for any recurring expenses like mortgage taxes and insurance.
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You don't want this to impact your credit?
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Another thing you want to do is record mileage and travel expenses.
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A lot of people don't know about this.
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Your trips to the rental property to show it to perspective tenants, to do maintenance inspect the property or collect rent can all be deducted on your taxes.
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But you got to make sure you track mileage.
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Anytime you drive for rental purposes using a log book.
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You can deduct each mile driven at the current IRS mileage rate.
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So this doesn't only include when you go to visit the property, but maybe you're going to the home, fix it center to buy things, to do repairs.
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All those things are deductible.
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In addition to that travel expenses like airfare, hotels, and meals.
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When you visit a rental out of town are also deductible, but the key folks, you got to keep excellent records to prove the trips were business.
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And not personal reasons.
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If you own a rental property out of town or out of the state, you can deduct those expenses.
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Now, one of the things you also want to make sure of as you manage property depreciation, As I mentioned before, you cannot deduct fully major improvements repairs in a year.
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You paid those things.
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Things like putting on a new roof, remodeling a kitchen, or replacing an HVAC system.
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That must be depreciated over time.
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It's according to the IRS rules.
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Likewise you can Depreciate the value of your rental property itself over 27 and a half years now.
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That's where residential.
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And it goes to 39 years for commercial.
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So here's where I'm going to say again.
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Consult with a tax accountant or tax professional to establish the appropriate depreciation schedule for your rental property.
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This will help maximize future deductions and properly account for major property improvements.
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One of the things that we need to talk about when you come in and meet with me or meet with your tax professional.
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If you've got to differentiate that, which is a repair and that, which is an improvement.
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So we go right onto the next thing.
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And that is hire a tax, pro.
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I can't stress this enough.
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Taxes for rental properties can get complicated quickly.
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Especially if you own multiple properties, so you want to work with a knowledgeable.
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Accountant or tax preparer experienced in rental properties.
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If you're looking for somebody to help you, I can help you.
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But the first thing I want to tell you is if you're looking for a new accountant, Ask them.
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Do you handle rental properties?
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Do you have experience with rental properties?
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If they don't, they are not going to be the right person for you.
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A qualified tax pro can help you set up your proper accounting systems.
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They can help you maximize deductions, legally allowed, and most of all, avoid mistakes or misreporting to the IRS.
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This is an area you don't want to do it yourself.
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My friends don't do rental taxes unless you're a tax expert.
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The investment in a good accountant will pay for itself with all the deductions and savings, they are able to identify.
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So the truth is following these accounting best practices will keep your rental finances organized.
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It will simplify tax preparation, which will make me, or whoever using the do your taxes help.
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Very happy.
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And we'll help you operate your property.
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Like the profitable, small business.
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It is.
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So let's explore some specific strategies and tools to make managing your books easy.
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And I always want to give you actionable steps.
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And as I've alluded to.
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Number one.
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Use accounting software.
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I'm a huge fan of QuickBooks online for rental property accounting.
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It allows you to categorize income and expenses.
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You can generate reports to see how you're doing.
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You can track your mileage.
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And you can also automate billing and collections.
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The best part of that is you can share access with your tax preparer to easy collaborate at tax time.
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Take advantage of technology like mobile apps to record expenses on the go.
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You might be out visiting the property.
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It's a great time to record those things.
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Another thing you might want to consider as hiring a property manager.
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A lot of my clients do this.
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They will handle all the accounting for you from collecting rent to paying expenses.
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And the best part is those management fees are tax deductible.
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And as such, you outsource your bookkeeping, so you don't have to be bothered with it.
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It's especially helpful if you own multiple properties or don't have time to do it.
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Now here's another one.
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A lot of people don't think about and it's vitally important.
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You want to inspect your properties regularly?
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You want to make a habit to inspect all your rentals?
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At least once a quarter, Now I even say once a month, at least to a drive by.
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When you're doing that dry buy look for needed repairs for general wear and tear safety issues that need addressing et cetera, spotting problems, early saves money down the road.
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You also might find that your tenants skipped on you and you need to secure the property.
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If you're not checking it, you're not going to know that.
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So definitely want to do that.
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Another thing you definitely want to do is educate yourself.
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attend real estate investing seminars, listen to podcasts like this one.
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Read books and network with other landlords.
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There's a host of information out there that you can use.
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You want to learn best practices on everything from accounting and taxes to maintenance, tenants, and more knowledge is vital.
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If this is going to be your business, you want to have knowledge of how to run it.
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And this one, I can't stress enough.
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I talk about this routinely on the personal side, and thats, maintain an emergency fund.
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listen folks, things will break.
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Tenants are going to move out unexpectedly and unexpected costs come up.
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It's one of the chief complaints I hear from my clients that have rental properties.
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You've got to have some cash reserves on hand to tackle issues immediately without dipping into personal funds.
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I recommend three to six months of rental income.
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In a smart emergency fund.
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If your tenant moves out, You may have to cover that mortgage.
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Even though you don't have any income coming in now, remember the key is keeping excellent records, both for your own monitoring purposes and for tax reporting.
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By treating your rental property like a business.
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It is you set yourself up for success.
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Now, before we wrap up, let's explore some potential tax implications.
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When you own an investment property.
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Here are a few situations to be aware of.
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And these are things that I get asked about routinely in my practice.
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If your rental income exceeds expenses for multiple years, the IRS may consider it a passive activity business, not an investment that could trigger self-employment taxes on net income.
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In addition to ordinary income tax, that's an area you want to discuss with your tax professional.
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Here's a question.
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I get asked quite a bit.
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renting your main home, fewer than 15 days per year means you don't have to report the income.
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Now, if you rent it longer, it may make it reportable on your tax return.
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So if you're renting out a room or something like that for the longterm, talk to your tax professional about that.
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Now here's what a lot of people may not know about.
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And that's depreciation deductions.
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Plus rental property expenses can create a paper loss for some years.
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It may not be a cash loss, but when we deducted appreciation, this passive loss can only be used to offset passive income.
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This is what you may have heard called the passive activity loss limitations.
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And this is another area you want to consult with a tax pro to make sure you're handling that correctly.
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The IRS limits, the amount of losses you can take based on your income.
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Here's one a lot of people aren't aware of.
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If you sell your rental property, any depreciation taken over the years gets recaptured.
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What does recaptured mean?
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It means you have to look at it at the time that you sell the property.
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And it can be taxed at up to 25%.
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So this is an area you want to plan ahead to minimize taxes when selling.
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It makes sense to meet with a professional, have a consultation.
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And see what they can do to help you get through that process of selling your rental property.
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The bottom line is this.
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Owning rental property provides great tax benefits, but also creates complexity.
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So, like I've said a million times already partner with someone who is knowledgeable an accountant and an educated real estate agent when buying one, managing it and selling investment properties.
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Now, before we wrap up, I want to remind all of our listeners to visit our podcast page.
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You do that at askralphpodcast.com . There you can leave us a review, share your thoughts, or even send us a message with your questions for future episodes.
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We would love to hear your ideas for future shows.
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Now, while you're there.
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Make sure you join our email list to enter into our weekly $25 Amazon gift card drawing.
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As I've said, if you're not on the list, you can't win.
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If you also want to schedule a consultation, with me to discuss your specific circumstances, you can do that right on the website as well.
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And again, that's askralphpodcast.com/store
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now here's a special ask.
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If you know anyone who has a rental property or is considering getting into the rental property business, do me a favor and share this episode with them.
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This may provide some tools that they can really use to help them.
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So let's recap.
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If you own a rental property, I hope this overview on accounting tips gives you a game plan for proper bookkeeping and taxes.
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I want to keep you out of hot water with the IRS.
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Fundamentally, it comes down to keeping detailed records of income and the allowable expenses.
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You don't have to overthink this folks.
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It's really not that hard.
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This will set you up for success.
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It'll help you maximize the deductions and most of all, avoid IRS headaches and help manage your rentals.
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Like to savvy entrepreneur.
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God called you to be, he wants you to be that steward and that savvy entrepreneur.
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Thanks for joining me today and being a part of the Ask Ralph podcast community.
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I truly do appreciate you listening.
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I want you to stay tuned for more practical faith focus conversations to help you master your finances.
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God's way.
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So until next time, enjoy your Saturday and stay financially savvy.
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And may God bless you abundantly.
