26/01/2023
Always keep receipts🧾
It's important to keep all financial records relating to your rental activities. If you are audited, you must show proof for any deductions you claim.
You can scan and store records electronically, keeping cancelled checks, credit card receipts, a record of rent payments, utility bills, bank statements, year-end loan summaries, and insurance receipts. If you own more than one rental property keep separate records for each.
Property management companies should keep audit reports by certified public accountants and legal documents indefinitely.