![]() It’s important to be organised in order to maximise your investment property tax deductions. Use the cash flow calculator to work out the weekly cash flow for your next investment property. This is also a good chance for you to check your cash flow position with the property and to identify expenses that are abnormally high. However, most professional investors give their accountant a summary of the income and expenses for their properties to lessen their accounting fees. Which documents will your accountant need?įor your investment property tax, you can provide your accountant with all of your documents and let them take care of it for you. Read below for an explanation of the information and figures that your accountant will require. This rent property spreadsheet template is free and simple to use. You can use this investment property income & expenses spreadsheet to give your accountant the required figures. Instead of waiting until the end of the financial year, try to set aside the documents you’ll need from day one so that when tax time comes, you’ll be prepared. Professional property investors tend to keep good investment property documents but most of them don’t speak with their accountant until tax time.Īs a result, they end up delaying their tax return trying to find the right documents to give to their accountant. ![]() Calendar_today Last Updated: 31st May, 2021Īvoid these common tax pitfalls when investing in property
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