Arizona Rental Investors: Organizing Tax Records

It’s never too late for Arizona rental investors to start organizing their records to prepare for their upcoming tax returns. Not only do organized records make filing your returns easier, but they also remind you of important transactions, as well as prepare you for IRS notices or audits. Here are a couple items to keep in mind while managing your records:

  1. Designated Location – While the IRS does not expect you to keep records in any special way, you should save all documents that may have an impact on your return. Therefore, it’s a good idea to have a special place for all your records and receipts that are easy accessible.
  2. Three Years – The following records should be kept in a safe place for at least three years.
  • Credit Card Transactions
  • Bills/Invoices
  • Receipts
  • Mileage Logs
  • Canceled Checks

If Arizona rental investors decide to sell a property, they should keep records for that property for at least three years from the time of the sell. Examples of these include:

  • Purchase of the home
  • Improvements on the home
  • Rental property records
  • Real estate closing statements

Leave a Reply

write essay for meessays online