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Money and Finances
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[quote=Anonymous]No need for a separate company or bank account. It's pretty easy. Just make an Excel spreadsheet to track incomiong and outgoing expenses, and categorize them, then you report it on Schedule E on your tax return. Incoming is pretty simple -- the incoming rent. You'll have cancelled checks and a lease agreement if it's ever in question -- no need for a separate bank account. Outgoing would be: - Taxes - HOA fees - Maintenance - Interest (get this from your 1098 from your lender) - Insurance - Depreciation (a tax program will calculate this) I've had 2 rental properties fro 20 years now. I use the standard Turbotax and it works fine. It takes me less than 10 minutes at tax time, mainly because every tiem I have an expense, I put it in the Excel sheet and can just pull all the data from there. Then I keep a folder with a copy of the receipts just in case I'm audited. [/quote]
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