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Idiot's Guides: Making Money with Rental Properties by Lisa Iannucci, Kimberly Smith

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CHAPTER12

More Money Management

In This Chapter

  • The importance of good accounting
  • Helpful accounting software
  • Uncle Sam and taxes
  • Understanding depreciation and deductions
  • Tax assessments: what’s your property worth?

Welcome to part two of money management. In Chapter 11, we talked about collecting rent, fees, and deposits. Now the question is, what’s your profit? And what are your obligations, tax-wise, to the government? There are different ways to calculate your profit, and there are different ways the government determines the value of your property.

Our goal in this chapter is to be sure you know what questions to ask your accountant, ...

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