When you sell an investment property, you need to create a journal entry to record the transaction. There are many factors to consider, but we’ve provided a sample situation and journal entry as a reference point.
Have you ever had to travel out of town for your rental property business and wondered what the IRS does or does not consider deductible? Read on to learn more!
Most landlords use cash basis accounting, but do you know why? Let’s review the basics, the tax benefits, and some best practices.
There is a lot to keep track of when managing and keeping the books for a rental property investment. Check out our list of the top five bookkeeping errors we commonly see to make sure that you don’t make the same mistakes!
If you are as diligent as you should be about storing key records and documents, you may find yourself swimming in paper or electronic files and wondering: how long do I need to keep this stuff?? Read on for the answer!
Having an insurance policy for your rental property helps offset the costs to repair damage from accidents, vandalism, or natural disasters. But once the insurance company has processed your claim, how do you account for the insurance payment?
Keeping accurate financial records is important all year long, but as tax season approaches, many real estate investors start thinking about one question: What information do you need to file taxes for rental property investments?
The beginning of a new year isn’t just tax time, its also an opportunity to review your accounting processes and make adjustments to get the new year started off right!
Double-entry accounting may sound more difficult at first- but it is the standard for a reason! Read on to learn more about how double-entry accounting can minimize errors, eliminate the need for duplicate transactions, and increase the chances that your rental property books balance!
Whether you’re interested in flipping one property or starting a business dedicated to house flipping, it’s important to have a good accounting system in place!
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