Tag: income expense tracking

Categories
Landlord Tips

Better Alternative to the Zillow Worksheet for Income Expense Tracking

Better alternative to Zillow worksheet
RentalIncomeExpense.com is superior to the Zillow worksheet for landlord income expense tracking.

Zillow provides a worksheet for landlords to track rental income and expense. It is free to download, and that is pretty much the best part of the Zillow worksheet. There is a better alternative to the Zillow worksheet for income expense tracking. By the time landlords sink hours entering their rental property data into the Zillow worksheet, they realize its significant limitations:

  1. Designed for one to five properties. If you start using the Zillow worksheet, you’ll quickly run out of room if you have more than five properties. Or, if you have a roommate situation and want to track rent payment by individual, well, you’re limited again. There is a better alternative to the Zillow worksheet for income expense tracking.
  2. No reports. Want to know the profit and loss for your rental property? You can’t do that with the Zillow worksheet. The Zillow worksheet only totals the income and expenses for all properties and shows that number as a cell. There is no way to see profit and loss activity by month. Additionally, the Zillow worksheet categories do not align with the IRS 1040 Schedule E categories, which means this worksheet cannot easily generate a report for Schedule E.

RentalIncomeExpense.com is the Better Alternative to the Zillow Worksheet

A better alternative is RentalIncomeExpense.com. It is free. It allows landlords to enter income and expense detail that align with Schedule E categories. Reports such as Profit and Loss and Schedule E Helper guide landlords as they grow and prepare for tax time.

Categories
General

Free Landlord Rental Income Expense Tracking

Free Income Expense Tracking
Landlords need an easy to use and understand tool to track income and expenses.

Rental income expense tracking is an essential task for every landlord. Tracking helps landlords determine the health of their business. It also makes tax time easier as the rental property income and expense data is necessary to fulfill IRS requirements. For example, landlords usually need to complete Schedule E of Form 1040 for income tax purposes.

Expensive property management software like Renttec Direct or Buildium is overkill for the small landlord because it generally costs more in time and money than it is worth. On the other hand, a simple Excel spreadsheet is not nearly powerful enough because it cannot easily generate the different reports landlords need.

Easy to use and understand rental income expense tracking for landlords is highly desirable. Qualities of a great tool for landlords also include easy to generate reports like a profit & loss statement and an affordable price tag. Free is almost always the best!

RentalIncomeExpense.com is the best solution for landlords:

  • Simple to setup
  • FREE
  • Designed for landlords
  • Reports that matter (e.g., profit & loss and Schedule E helper)
  • Accessible from your smartphone

To setup a free account, get started at www.RentalIncomeExpense.com today!

Categories
Landlord Taxes Landlord Tips

Landlord Rental Income Expense Tips

Landlord rental income expense tips
Rental income expense tracking can make the tax reporting process easier.

In the US, landlords are obligated to report rental income received from tenants. The IRS’ Schedule E of Form 1040 captures associated income and expenses for each rental property. Most people do not get excited when it comes to preparing taxes. The IRS and many software providers provide landlord rental income expense tips and tools to make the reporting process easier.

The IRS provides guidance for landlords on how they can correctly report income and realize as many deductions as possible. Most taxpayers try to minimize what they owe to the government. Landlords can deduct expenses such as mortgage interest, property tax, and depreciation, which can be hugely beneficial. It is always good practice to seek the professional advice of an accountant with any questions or concerns.

In addition to deducting expenses, other landlord rental income expense tips include easy and complete record keeping. Landlords can use a spreadsheet to record income and expenses, but there are better tools, especially those designed specifically for the small landlord. For example, RentalIncomeExpense.com is a free tool for landlords. With this software, you can easily record expenses and generate valuable reports at tax time.

Categories
Landlord Tips

Move in Checklist for Landlords and Tenants

Move in Checklist
The move in checklist is a valuable guide for landlords and tenants.

Lists are helpful tools as they serve as reminders. Grocery, cleaning, and “honey do” lists are just a few of the many popular ones to mention. The move in check list for landlords and tenants is a valuable guide for both parties. They can complete the checklist together during the walk through of the rental property so all parties are on the same page.

Checklist Benefits

For landlords, the move in checklist for landlords and tenants keeps track of the condition of the rental property. It also serves as a reference to identify any damage that may have occurred during occupancy beyond normal wear and tear. For tenants, the checklist serves as guidance for what repairs or improvements should be made prior to or during the tenancy. It also gives tenants an understanding of the condition of the rental before move in.

Checklist Contents

The move in checklist for landlords and tenants should include the main components of each room in the rental property. For example, items to check for in the kitchen would be a working refrigerator and clean and empty cabinets. For each room reviewed, there should be an area to identify any needed repairs or improvements. The move in checklist can also inform tenants on items such as setting up utilities, managing pets, and throwing away trash.

There are checklist-related tools available for landlords and tenants. For example, Zillow offers a downloadable check list. And landlords can use RentalIncomeExpense.com to track expenses related to agreed upon repairs and improvements.