Returns that include income from rental properties are often audited, so, it’s important to consider your increased tax compliance burden as a real estate investor. If this is your first year with a rental property, it’s especially important to set up the tax reporting and documentation properly for an audit-proof experience. Use this checklist to help:
Excerpted from Essential Tax Facts: How to Make the Right Tax Moves and Be Audit-Proof, Too, by Evelyn Jacks.
Additional educational resources: If you make a career out of investing, or use it to supplement your income, it’s important to get up to speed on the tax implications. Knowledge Bureau’s Tax Strategies for Investors certificate course can help!
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