Taxes & Accounting
Deductions, basis, Schedule E, and staying audit-ready.
Safe Harbor for Small Taxpayers — The $10K/$2% Election
The safe harbor for small taxpayers lets qualifying landlords expense certain repair and improvement costs up to $10,000 or 2% of basis — whichever is less.
Routine Maintenance Safe Harbor — How Landlords Expense Repairs
The routine maintenance safe harbor lets landlords expense recurring work instead of capitalizing it if the activity is expected to recur within a defined timeframe.
How the 27.5-Year Residential Rental Depreciation Schedule Works
Residential rental buildings depreciate over 27.5 years under MACRS — only the structure, not the land, using straight-line calculations that start when the property is rentable.
Rental Days vs Personal Use — IRS Rules for Mixed-Use Property
The IRS distinguishes rental properties from personal residences based on how many days you rent vs use — cross the wrong threshold and your deductions get capped.
How to Reconstruct Lost Tax Records the IRS Will Accept
The IRS accepts reconstructed records if originals are lost to fire, flood, or data failure — here's the documented process to rebuild your file.
How Long to Keep Tax Receipts — Landlord Record Retention
Most returns and supporting receipts stay for three years, but property basis records must be kept as long as you own the asset plus three years after you sell.
Quarterly Bookkeeping Routine for Landlords — 4-Step Checklist
A one-hour quarterly bookkeeping routine prevents the April scramble and gives you real-time visibility into rental property cash flow and tax position.
Property Management Fees Deductible? Yes — Here's How to Track Them
Property management fees — whether monthly percentages or flat lease-up charges — are ordinary rental expenses deductible on Schedule E.
Mid-Month Convention — What It Means for Your Depreciation
The mid-month convention treats every rental property as placed in service on the 15th, regardless of the actual closing date — affecting your first and last year of deductions.
Meals Deduction for Landlords — When Dinner Is Deductible
Most landlord meal costs don't qualify for deduction — the IRS requires a clear business purpose, contemporaneous notes, and compliance with percentage limits that have changed repeatedly.
Legal and Professional Fees Landlords Can Deduct
Legal, accounting, and inspection fees tied to rental operations are generally deductible — but fees to acquire property must be capitalized.
How to Split Land vs Building for Rental Depreciation
You can't depreciate land — the IRS requires you to split purchase price between land and building, and that split affects depreciation for decades.
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