Best Rental Property Expense Apps for Tracking/Taxes

5 Replies

Just closed on first house! For the first one, tracking expenses won't be too difficult, but I'm looking to setup processes in place to automate and streamline it to scale. 

With that in mind, what mobile apps (prefer all to do from my phone as it's always accessible) are the best at tracking miles, receipts, anything else that can be depreciated or deducted from my taxes, and easiest to use (my Dad is wanting this as well so user friendly huge plus). 


@Joshua Wilson I use Google docs. I a sheet per property and it works fine for me. I have about 7 doors via 4 properties and it ok for all expenses. Additional, I can take a picture and save it in the same folder with the sheet. You will need to make a naming standard for each invoice. Having an Home Depot account and a business credit card just for real estate helps. Because you can always look up something if you forgot to enter it. Hope to hear a better way of doing this. All the best.

@Joshua Wilson

Well, welcome to the forums!!!

Congrats on that first purchase also.

MileIQ app-Track your miles. Costs about $6.5/month. Totally and absolutely worth it. Don't know how I lived without it.

When buying supplies/materials, I like homedepot because they have an email receipt option. It makes things 10000 easier not having to deal with paper receipts.

In terms of tracking income/expenses. I don't know that a phone is going to be your best bet. I'd recommend getting on a computer to do this sort of thing, and have a relay on your phone for viewing purposes.

If you are only tracking one door-a simple spreadsheet isn't a bad tool for starting out.

If you want to scale up, check out buildium and podio. Buildium I have heard is really good. I don't use either as I have property management and they handle most all of that stuff.

I use an excel spreadsheet to jot down my stuff. I can easily put it into Dropbox and access it from my phone or iPad. 

Just create a workbook for each property and you’ll be ok mobile wise. 

I agree with @Luka Milicevic , a phone is not the best for this. Since you NEVER pay cash for anything (right?) all you need to do is download your CC and bank transactions into a "check ledger" program like Quicken, categorize them however frequently you can remember to, and you're ready to output tax reports. I don't diary miles (I should) but if I did I'd use Google Keep, an android note program that syncs with a desktop app.  Keep has changed my life!  It's also perfect for to-do and shopping lists. you can even take a photo of the serial # plate of a broken appliance and put in Keep.

I don't know this for sure, but I bet there's a phone app that logs your car trips. We got Metromile insurance, which creepily puts a tracker on your car and charges by the mile. But it holds a month's worth of individual car trips and their mileage, so you can periodically sit down and tally up your business miles. It also allows you to see where your spouse is and where they've gone!  Lotta downside there I guess...