Accounting for a rental property
Accounting for a rental property can be a challenge at times but should be taken seriously to maximize the advantages that come along with it. Yes, collecting rent is an obvious task of property management but is the accounting of the collection of rent being done properly?
Keeping track of the rental income, maintenance labor, materials, supplies, invoices and receipts can make the difference in the tax you pay at the end of the year. Record of these items should have supporting documents along with it, should the IRS decide to audit your tax return.
Utopia management has a full accounting department to assist with daunting accounting tasks. Meticulous statements are sent out every month for review and kept in a personal owner portal with access 24/7 with a secured log in. Should you have an accounting issue arise and need monthly statements from previous months or even years, you as an owner will have easy access to this information at the click of a mouse.
If you are having trouble understanding the statement you received that month, you may call/email our office and speak with our accounting department or your property manager. Someone will always be available to help answer any questions you may have.
A 1099 tax form will be mailed to you each year as well for tax season and easily handed over to your personal accountant to maximize your deductions. The accounting department handles the payments on behalf of owners for mortgage, HOA and tax payments as well.
Utopia wants to provide the true full service property management experience. Making sure the correct accounting is done each month/year is important to maximizing your rental investment.
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