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Updated over 9 years ago on . Most recent reply presented by

Edita D.'s profile image
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Edita D.
  • Investor
  • from San Diego, CA
  • Member since Mar 24, 2012
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Edita D.'s profile image
Edita D.'s profile image
Edita D.
  • Investor
  • from San Diego, CA
  • Member since Mar 24, 2012
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Edita D.
  • Investor
  • San Diego, CA
18
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309
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Tax, SDIRAs & Cost Segregation

IRS requires quickbooks records in audits?!

Edita D.
  • Investor
  • San Diego, CA
Posted

Hello everybody!

I use a regular Excel spreadsheet for our rental property expenses. Is it IRS' requirement to switch to quickbooks now?

Thanks!

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Jeffrey H.'s profile image
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Jeffrey H.
  • from Houston, Texas
  • Member since Aug 16, 2015
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  • Houston, TX
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Jeffrey H.
  • Houston, TX
Replied

No.  The IRS cannot dictate what software you use. You can chisel your expenses in stone if you want.  You can use whatever you want so long as you have receipts to back it up in the event of an audit.  Keep everything for 7 years.

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