Homes & rentals
Selling a home, renting out a property and keeping the records that separate repairs, improvements and changes in use.
Homes & rentals
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Homes & rentals 2 min
Last month's rent is not a damage fund
Identify what a deposit is for, track its application and keep it separate from ordinary monthly rent in the ledger.
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Homes & rentals 2 min
The whole house bill is not always a rental expense
Separate direct rental costs, shared costs and personal use with a method supported by floor area and dates.
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Homes & rentals 3 min
The home sale was exempt. It still belonged on the return.
Keep the closing documents and ownership history even when you expect the principal residence exemption to cover the gain.
Read the storyHomes & rentals 3 min
Before the first tenant moves in, document the change of use
Record the conversion date and property value, then review deemed-disposition rules and any available election.
Read the guideHomes & rentals 2 min
The rent went into one account. Two owners still had to report it.
Reconcile the whole property, establish ownership shares and keep the gross and net reporting steps separate.
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