O'Reilly logo

Rental-Property Profits, 2nd Edition by Michael C. Thomsett

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

image

6.

KEEPING TRACK OF REAL ESTATE TRANSACTIONS

Many of the bookkeeping standards for rental property are different from those for other businesses. For many first-time real estate investors, the difficulty arises from the mix between personal and investment uses of property.

If you begin by converting a home that you use yourself—a vacation home, for example—you need to track personal and investment use carefully. You also need to document how you break down the usage. Probably the most reliable method is to record the number of days the property is assigned to personal use and to investment use.

A second problem arises when you convert a property ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required