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Rental-Property Profits, 2nd Edition by Michael C. Thomsett

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7.

CREATING A TIMELY AND EFFICIENT ACCOUNTING SYSTEM

Resolving the special problems concerning your bookkeeping requirements is an essential first step in developing an efficient system. As demonstrated in Chapter 5, these problems include allocating expenses to specific properties; managing expenses that are partially investment related and partially personal in nature; breaking down expenses, based on the use of a property as a rental for part of the year; and allocating expenses in a property that has both personal and investment use.

Once you have resolved these problems and identified the most efficient method for dividing up expenses and ...

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