Accounting and Bookkeeping for Rental Property Whangarei
Do you need your rental property annual accounts organised? We specialise in rental property accounting and bookkeeping in Whangarei and Northland.
Here are a few things you need to know about expenses…
Rental Property Expenses that you can claim are:
- Accounting fees for the preparation of accounts.
- Agents’ fees and commission relating to the rental of the property.
- An allowance for a home office if you manage the properties yourself.
- Depreciation on the building prior to the 2011-2012 income year.
- Interest paid on money you borrowed to finance your property (2021 soon to be gradually non-deductible).
- Legal fees for arranging the mortgage or finance to buy the property from the 2010 income year and beyond.
- Mortgage repayment insurance.
- Motor vehicle and travel expenses.
- Rates and insurance.
- Repairs and maintenance (except if they substantially improve the property).
Rental Property Expenses that cannot be claimed are:
- Additions or improvements to the property, these are deemed capital in nature.
- Depreciation on the building from the 2011-2012 income year.
- Interest on money that you borrow for some other purpose than financing the rental property, even if you used the rental property to secure the loan.
- Real estate agent’s fees incurred as part of buying or selling the property.
- Repairs and maintenance that go beyond replacement and are in fact improvements to the property.
- The purchase price of a rental property.
- The capital part (principal) of any mortgage repayment(s).
Discuss your rental property accounting and bookkeeping
Trish Madison, Accounta's founder and director based in Whangarei, is an expert in accounting and bookkeeping for rental property investment.
Contact Trish today to discuss your requirements.