Deducting rental property expenses is one of the best ways real estate investors can reduce taxable income. But keeping track of receipts and amounts can be time consuming and stressful.
As part of our mission to help landlords streamline the rental process, we’re happy to announce that now you can track your property expenses in Cozy! Not only can you quickly record your expenses by category, you can download a simple summary report, which makes tax preparation a breeze.
Don’t wing it
Organizing expenses for your rentals can be one of the most difficult part of filing taxes. Landlords can spend hundreds of hours a year updating and validating spreadsheets, while sifting through folders of receipts. And those are only the receipts that make it into the folders.
While it’s easy to understand why some landlords wing it, when it comes to deductions and the IRS, it’s not worth the risk of an audit. Properly recording your expenses will help give you peace of mind, and now there’s a way to do it quickly and easily right in Cozy.
Track expenses from anywhere
You can record rental expenses in Cozy from any smartphone. Once you’ve logged into Cozy, you can add an expense amount and category. Then you can snap a picture of your receipt and upload it, so you don’t have to worry about hanging on to that little piece of paper until tax prep time.
You can even split receipts and categorize multiple expenses on the same receipt for different properties. Your “paperwork” will be done before you even leave the hardware store parking lot.
Easy reporting and exporting
With Cozy, you’re in total control of your info. Whether you’re working with an accountant, tax advisor, or doing your own taxes, you can easily export your recorded your expenses into a spreadsheet or PDF. Expenses for each property are summarized by the official IRS tax categories, which you can find on the 1040 Schedule E.
Start saving time and take every possible deduction by tracking your rental property expenses in Cozy. Like collecting rent and screening tenants, expense tracking is free for landlords. It’s one more step toward simplifying your rental business.