How much is De minimis for rental expenses - Landlord Forum thread 351743

How much is De minimis for rental expenses by Veggie on April 20, 2017 @11:58

When I do my taxes I just ballpark many expenses that are under $100. I don't bother entering them into my spreadsheet. If I am audited I can prove the expense by showing a picture of the item/repair or trying to look it up in my credit card statement..

How much effort should I spend on tracking expenses under $100?

[ Reply ] [ Return to forum ]

Re: How much is De minimis for rental expenses by Katiekate (New York) on April 24, 2017 @17:27	[ Reply ]

Being an individual afflicted with a touch of OCD, I keep all the records. I log them into my accounting software...and keep them in a folder by building, by year, by expenditure type. (Yeah, I said there was some OCD here) By providing just the print out from the software I use...my accountant can sort it quickly and finish the taxes quickly. So.. your question probably should be put to your accountant. I would guess if total dollar amount each year for these under $100 expenses start to add up to a noteworthy amount.....you probably better have the actual receipts. This can be kept on a hard disk or DVD. I scan them in..and store them in right after entering. Since I have so many little slips of paper each week...I try not to let this get more than a week or so ahead of me. Consider the "neat desk" hardware/software. It scans it ...saves it, and even logs it for you.