Taxes- How to report rental properties

[Leah Dunnells]

I am trying to finalize our tax paperwork and I am at the step of reporting the income and expenses of the rental property. I can tell based on the rental checking account what the income/expenses were. How do I document this and report it? Do I print out and save an annual statement so if I get audited that is the proof required?

Any assistance would be great, thank you!

[Theresa Harris]

I find it easiest to write down any repairs, all expenses and rent for my rentals in a small notebook.  I also have a folder where I keep all of my receipts for each tax year.  That way when I have to do my taxes, I have everything handy.  I have multiple rentals, so keep receipts for each separate.