As we enter into tax season in the US, it is definitely a topic that is in on many of our minds. Whether it be completing taxes for the previous year or starting to think ahead and make changes for our we keep track of expenses for the upcoming year. Either way it's something, as an investor, you need to be thinking about.
If you're a brand new investor, there are quite a few things related to owning rental property that can be deducted for on your taxes and you'll want to make sure that you are keeping great records of those expenses. I know when we first got started there were categories that we completely didn't track and it ultimately had us leaving money on the table.
Fast forward a few years and how many tax returns later and we've got done exactly what we should be tracking. Because in truth whether you own 1 rental property or hundreds it is a business and you need to track expenses and run it like a business.
In this episode, we talk about what you can expect with taxes including what a Schedule E is and why you need to complete it. We also break down each category on the Schedule E and spend some time talking about what each one means and what you should be tracking so when it gets time to do taxes you're not playing catch up.
