Get a handle on landlord expense reporting with Cobalt Creek Property Management in Denver, Colorado. Whether it’s tax time, investment time, or time to sell, you want access to where your money goes in regards to your rental properties. Why spend all your time searching through files and receipts? When you work with us, we make managing and accessing your financial documents so much easier.
Supporting Colorado’s Landlords
Expense reporting is an essential part of every healthy business. DIY accounting can save you money, but unless you’re a CPA or financial pro, it can be overwhelming and risky to try and manage things all on your own. Get expert help and advice from the property managers at Cobalt Creek Property Management.
Common Rental Property Expenses
When you own property under your name and have no employees, you usually need two types of records: a record of rental income and expenses and supporting documents to prove your income and expenses in case of an IRS audit.
Below are many of the landlord expenses you may need to track.
- City Or County Business Permit Expenses
- Closing Costs Of Your Real Estate Financing
- Dwelling Fire (DP3) Insurance Policy
- Homeowner Association, Broker, Legal, Accounting & Bookkeeping Fees
- Interest Payments
- Lodging Tax For Short-Term Rentals
- Maintenance Costs — Roof, Pest Control, Lawn Care, Etc.
- Marketing Expenses
- Property & Income Taxes
- Property Upgrades & Builder’s Risk Insurance
- Tenant Screening
- Unclaimed Depreciation Expense
- Unplanned Repairs & Vacancies
Landlord Tips & Tricks For Expense Reporting
Like a lot of aspects of rental property management, accounting gets more complicated the more properties you hold. Between rent and all of the expenses listed above, you’ll need a detailed ledger. However, the right tools and a few tricks can simplify the process to save you time and sanity at the end of the year.
- Open a separate bank account for each property you own.
- Set up automatic payments for recurring expenses.
- Take pictures of your receipts or use a scanning app.
- Invest in secure cloud storage so you can access all of your documents wherever you are.
- Get specialized landlord accounting software to help with the heavy lifting.
- If you plan to write off mileage at tax time, download a mileage tracker app to record all of your business drives.
- Take advantage of bill management, payment collection, and other convenient landlord services from Cobalt Creek Property Management.
Call Your Investment-Property Partners In Denver
Managing property by yourself can be stressful. One financial misstep could cost you dearly. Contact the Cobalt Creek Property Management team today to get the help you need with landlord expense tracking and reporting.
