One great way to keep track of your rental house expenses is a rental house expense spreadsheet. It is a free program that comes with your accounting software. The cost of your rent plus other expenses will be available and easy to see.
As stated before, this program is free. You don’t have to buy it. There are even some online versions available. The only reason you want this type of software is to keep track of your expenses for rent.
Mortgage Expense Sheet – A Very Easy Way to Keep Track of Your Rentals
If you find you have too many rent payments and house expenses on hand, you might want to take a look at your taxes. You can use the rental house expense spreadsheet to help you keep track of all the money you are paying each month. However, you can also use the program to help you keep track of your money.
It’s so easy to add up the costs for the housing expenses. Just type in the costs of your rent in the appropriate boxes on the spreadsheet. Then, you’ll be able to see how much you pay each month.
While the program will give you the numbers, there are other ways to look at it. You can visit your bank or credit union. Some banks will let you enter in the rental income and deduct it from your other income. If you do not have a bank account, you can apply for one with your employer.
If you have a mortgage, most likely you will have to calculate your rental house expenses as well. This is where using your mortgage calculator is a big help. Make sure that you have the mortgage number and the amount due on hand when you go to use your mortgage calculator. You can’t use the mortgage calculator, if you don’t have the mortgage number and due date of the mortgage.
When calculating your rental house expenses, don’t forget about the money you spend on utilities. Even though you can deduct these expenses, they need to be calculated separately. Your utilities may include water, garbage disposal, internet, etc. After all, you spend a lot of time at home and it pays to keep your home nice and clean.
As you are getting ready to deduct your monthly expenses from your paycheck, you should see if there are any tax deductions you could be entitled to. A common deduction is the state and local income tax deduction. If you owe taxes in a state, they may be forgiven for paying a mortgage.
Another deduction is the bad mortgage deduction. This is not something you can claim unless you live in an older home. You can’t deduct home improvements either. If you purchase a home after you are married, you must deduct the costs associated with your divorce from your gross income.
There are many more deductions, but these are just a few of the more common ones. Keep in mind that you can claim a business tax deduction. If you work for yourself or have an entity that you run, you can get some tax breaks.
You don’t have to fill out the entire mortgage paperwork if you aren’t even using the house. Check the laws to see if you can claim an alternative minimum tax deduction. You may be able to deduct the interest that was paid on your loan.
Don’t buy into the belief that there is only one type of good business expense spreadsheet. Different ones for different businesses are available. With the rising cost of buying a house, you may want to consider renting instead of buying one. LOOK ALSO : rent spreadsheet template
