Rental Income and Taxes
Hello everyone! My question is about rental income and taxes.
My tenant just moved in on October 1st and I want to be sure I am keeping all of the appropriate records for tax purposes. What records should I be keeping? Any suggestions for record keeping methods? I don't want to show up at tax time with a box of receipts and invoices.
Also I don't have a CPA, so referral would be great?
What can I expect to be able to deduct from the rental income?
I know mortgage interest, insurance, property taxes, maintenance expenses, utilities (I cover the alarm monitoring), and depreciation.
Thanks!