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February 8, 2023
Question

I dont' have any receipts for my rental property

  • February 8, 2023
  • 1 reply
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if I don't have receipts for my rental property, can I still claim it on my taxes

1 reply

February 8, 2023

Yes, you can still claim the expenses even if you don't have the receipts.

 

When you file your taxes, you don't have to send receipts to the IRS. But you still need to keep receipts or equally valid documentation of the expense you're claiming. Receipts are often the only proof you have of tax-deductible expenses, especially if you've paid a bill in cash. If you are ever audited by the IRS, you will have to provide these receipts or face penalties and additional payments. Many people choose to take the risk and don't save their receipts, but this can be a costly strategy.

 

In an increasingly electronic world, taxpayers often have alternatives to receipts. Generally speaking, canceled checks, credit card transaction records and bills can be sufficient proof of an expense. Many people have online access to these records. You may also be able to access receipts for purchases made online. Most websites maintain a customer account history, so if you have trouble keeping receipts, consider making business purchases online so you can access these receipts if you need to.

 

Start keeping receipts for your rental property. It will be easier and more accurate at tax time with the exact numbers. Have a folder to hold paper receipts. You can electronically archive other receipts. Keep track of your mileage in your phone or a paper logbook. It will be easier and less stressful to recreate the expenses for next year's taxes. 

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