House hacking is a popular way to get started in real estate investing – and for good reason! But since house hacking inherently blends personal and rental costs, there are some implications for your accounting that you should be aware of, especially at tax time.
Every rental property investor takes depreciation deductions on their taxes every year, but not every investor knows exactly what that means or where those numbers are coming from. Read on for a primer on rental property depreciation!
We’ve compiled a glossary of the most common accounting terms associated with rental properties – check it out now!
Are the repairs at your rental property an Expense or a Fixed Asset?
How to translate the line items from your closing statement into a proper journal recording the purchase of your property
Answers to the most common questions on the do’s and don’ts of accounting for security deposits
Mortgage payments aren’t exactly an expense- they are a loan repayment, interest expense, and escrow transfer, all at once.
Your chart of accounts doesn’t have to be complicated- instead think of it as an essential tool for organizing your finances
From saving you money and time to reducing your risk, separating your personal and business finances is the foundation of easier, stress free real estate accounting and bookkeeping.
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