What Kind of Records Should I Keep for Renting My House?
Owning a rental property can be both complicated and financially rewarding. The Internal Revenue Service provides many tax breaks for owning a rental home. Deductions for many expenses can potentially shelter thousands of dollars of your gross rental income. There are also many administrative tasks involved in being a landlord, and keeping copies of all your important paperwork is essential to properly manage your rental.
Income
Your rental home generates income from rent, and the IRS requires that you report this income on your tax return. Keep copies of your bank statements and rental receipts provided to the tenant. In some states, the landlord may be required to place the tenant's security deposit in an interest-bearing account. Keep good records of any savings, money market accounts or certificates of deposit used for this purpose. Keep records of any repairs the tenant provides for the rental home; the payments are rental income and you must include them as such.
Expenses
All of the expenses of renting your property can be deducted from your gross rental receipts to bring your taxes down substantially. A rental home requires maintenance. Keep invoices for all services performed for the house, such as carpet cleaning, landscaping services, painters, plumbers and appliance repair. If you provide some of the utilities for the home, keep your utility bills and pro-rate the portion that is given to the tenant. Keep records of your advertising costs and payments or commissions made to a property manager to handle the affairs of the rental.
Taxes, Insurance Records and Original Loan Papers
As a landlord, you can deduct the mortgage interest on your home loan. Your lender will provide this statement to you at the end of the year; you'll need this paperwork to itemize your interest. Keep all records pertaining to your property taxes and property insurance, such as premium notices and taxes paid. These are all deductible from your gross rental income. When you itemize the depreciation of your rental property, you will need the original purchase price and date from your original loan papers; ensure that you have a copy on file.
Administrative
It is important to keep a copy of the original, signed lease between you and your tenants. This binding contract may need to be revisited over the period of the tenancy. You should also file your tenant's background check, credit report and original application since you never know when you will need this information.
NSA snooping has foiled multiple terror plots: Feinstein - U.S. News
usnews.nbcnews.com/_news/2013/06/06/18796204-nsa-snooping-has...A secret National Security Agency program to collect vast amounts of phone records has foiled multiple attempted terrorist attacks inside the United States, the chair ...
Naseeb - Muslim Matrimonial Single Muslim, Matchmaking
www.naseeb.comNaseeb is the world's best Muslim social networking, Muslim matrimonial and matchmaking website for single Muslims. Register FREE and search over 1,100,000
What Color Should I Stain My Wood Floors? Tadas Wood
napervillehardwood.com/blog/what-color-should-i-stain-my-wood-floorsOne of the biggest questions we get here at Tadas Wood Flooring Inc. when it comes to staining floors is: Should I get my floors stained and if so, what color should ...
Your online newspaper for Kitchener, Waterloo, Cambridge and area
www.therecord.com/waterlooregionTheRecord.com is your Kitchener-Waterloo daily online newspaper. Its your source for whats on, news, sports and events pulled from the Waterloo Region Record.
Home eHow UK
www.ehow.co.uk/homeHome: Find great tips on 5 Easy ways to keep your house clean, How to protect your pet from fleas naturally and How to grow lotus in a fish bowl. Learn about ...
Property: news, advice, search, new homes, property market ...
www.telegraph.co.uk/propertyAll the latest property market news, and advice and on moving house, new homes, as well as property, lettings and rentals search.
Homepage Government Auctions
www.governmentauctionsuk.comSubscription database of auctions with an emphasis on government auctions, bankruptcies and local authorities.
A Brief Guide to Mold, Moisture, and Your Home Mold and
www.epa.gov/mold/moldguide.htmlThis Guide provides information and guidance for homeowners and renters on how to clean up residential mold problems and how to prevent mold growth
ActiveRain Real Estate Network - Blog Dashboard
activerain.com/bloghomeFeatured Blog Posts. September's Cloudburst of You ActiveRain Contests (ActiveRain) Protecting my sellers... is part of my job. Tammy Lankford, Your Lake Sinclair ...
Scottish & Scotland news, UK & latest world news - The Daily Record
www.dailyrecord.co.uk/newsRead the latest Scottish news covering Glasgow and Edinburgh. Scotland news, UK and world news. Covering all the latest headlines and full reports
Boston Real Estate Now - Boston.com
www.boston.com/realestate/news/blogs/renowSep 02, 2013 The latest Boston real estate news, including information on home loans, buying a home, real estate financing and more at Boston.com.
CDC - Mold - General Information: Facts about Stachybotrys ...
www.cdc.gov/mold/stachy.htmSep 18, 2012 I heard about "toxic molds" that grow in homes and other buildings. Should I be concerned about a serious health risk to me and my family? How
SBA.gov
www.sba.gov/communityOnline forums, news and resources that connect small business owners with industry and government experts.
Potato Bombs recipe by the BBQ Pit Boys - YouTube
www.youtube.com/watch?v=7aUNmtSgB0cTaters Gone Wild, these BBQ Pit Boys stuffed Baked Potato Bombs are kick-ass good eatin' at any Pit, family picnic or tailgating party. So crank up the ...
Online Student Edition - Glencoe
glencoe.com/oseTeacher Login / Registration : Teachers: If your school or district has purchased print student editions, register now to access the full online version of the book.
Advertising Articles - Find Advertising Related Articles on ...
www.articlesbase.com/advertising-articlesFind Advertising articles at ArticlesBase.com a free articles directory. Submit your articles for free distribution and find Advertising content for your website ...
Insurance - Wikipedia, the free encyclopedia
en.wikipedia.org/wiki/InsuranceInsurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge ...
The PIN Web Site - Federal Student Aid
www.pin.ed.govApply Now Request a Duplicate Pin Check Pin StatusThis Web site is your source of information for the Federal Student Aid PIN. Your PIN can be used each year to electronically apply for federal student aid and to ...
Open Pit Roast Beef by the BBQ Pit Boys - YouTube
www.youtube.com/watch?v=J4U5mJ0T5FwWelcome to Summer north of the equator! Get your Barbecue shoes on and join us at the Pit because we're kicking back and cooking up some low and slow beef ...
Erie County (New York) Government Home Page
www.erie.govERIE.GOV Your information resource from the government of Erie County, New York
My mistake sir, I'm sure Jesus will pay for my rent and groceries ...
www.reddit.com/.../my_mistake_sir_im_sure_jesus_will_pay_for_my_rentreddit: the front page of the internet ... use the following search parameters to narrow your results: subreddit:subreddit
Home eHow UK
www.ehow.co.uk/homeHome: Find great tips on 5 Easy ways to keep your house clean, How to protect your pet from fleas naturally and How to grow lotus in a fish bowl. Learn about ...
HOUSING - HDB floor plans, BTO, house plans and design
www.teoalida.comPlease report broken links or any other problems! All external links should open in separate window, please report if any link close my website.
0 komentar
Posting Komentar