Preparing for tax time.
No action in the rental business today. However yesterday, I updated a spreadsheet that I use to report rental business miles for reporting taxes. First off, I don't actually do my taxes. I keep track of all the income and expenses by each property using Quicken and send the reports to my accountant. I have a reminder in my palm pilot to write down the mileage of each auto on December 31st. I subtract last year's numbers and then I know how many miles I've travel for the year. Tracking rental mileage is tricky because I live in a small town outside the city where I work a traditional job and have the rental property. The premise of the spreadsheet is that that I know that it is 22 miles to my traditional job so a round trip is 44 miles. If I run over to check on a rental after work, it is difficult to determine when to start and stop logging rental mileage and when to start and stop logging traditional job miles so I've decided a 60 mile day is 44 miles logged to the traditional job and the difference of 16 miles is for the rentals. The is probably very fair and accurate, but probably not recommended by any accountants or the IRS.