Rental Expense Tracking – Simplified

Deducting rental property expenses is one of the best ways real estate investors can reduce taxable income. But keeping track of receipts and amounts can be time consuming and stressful.

If you own a rental property you can claim a variety of expenses at tax time. These must relate to the costs of generating rental income, and must not include costs for private use.

As always – don’t just take our advice, speak with your accountant and if required take legal advice.

Expenses you can claim:

Interest: relating directly to the rental property

Fees and commission(including advertising): paid to agents collecting rent, maintaining the property for you or finding tenants for you

Professional Fees: fees for account management, tax return preparations and advice. Valuation fees, and legal fees.

Repair and Maintenance Costs: *Not improvements

Travel expenses: running costs travelling to inspect or to do repairs.

Rates

Insurance

Depreciation – combine assets worth less than $5000 rather than depreciating each separately

Our cover sheet can be kept either digitally or in a folder. Update the total as you go and snap a photo of invoices/receipts. Add your own extra categories but try to keep it simple. At tax time send the file to your accountant with nicely organised receipts. Request your copy by emailing info@tenantsource.co.nz

Disclaimer: The information contained in this publication is exclusively for promotional purposes and is not to be relied upon for legal or contractual dealings. Tenant Source recommends you seek independent legal advice, and that you may need to seek technical or other advice and information prior to making any actions in regards to tenancies in your investment properties. Tenant Source Ltd including its staff and directors accepts no responsibility for any issues arising as a result of taking advice from this publication.