Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply presented by

User Stats

7
Posts
3
Votes
Colin Thompson
  • New to Real Estate
  • Salt Lake City, UT
3
Votes |
7
Posts

Tracking Expenses While Looking For 1st Brrr Deal?

Colin Thompson
  • New to Real Estate
  • Salt Lake City, UT
Posted

Since it's tax season, I'll ask the BP community instead of trying to find a CPA right away.

I'm beginning to see some expenses on my credit card related to RE: travel expenses to Salt Lake to network and look at houses, my BP Pro membership, and some architect consultation. I'm assuming these are all potentially tax deductible? 

I plan to open a business checking account ASAP and pay the RE related balance of my CC from there. Is this enough? Should I be using book keeping software so early in the game to track these preliminary expenses as I look for my first Brrrr deal in SLC? I know I'll need a business savings account down the road for renter's security deposits. Anything else I need to know before I find a CPA? Thanks!

  • Colin Thompson
  • Loading replies...