Buying A Rental Property? 5 Things To Track For Tax Purposes
Are you becoming a part-time landlord? More and more Americans see the value of setting up a lifetime stream of passive income through owning a few select rental properties. But this new line of income comes with some new tax responsibilities. Here are a few key things you'll need to start keeping track of to avoid unnecessary taxation and legal tax problems.
1. Income Sources. For landlords, not every check is treated the same.