Rental costs and books

Add the monthly costs once, see cash flow by month, and hand your tax preparer a Schedule E summary.

Where it is: A house › Rental › Rental › Costs and books
Who can use it: Owners and admins

Monthly costs

A rental has bills that come every month. Add each one once and it's logged as an expense on its day.

Step 1: Open Rental, then Costs and books, and choose Add monthly cost.
Step 2: Fill in What it is and the Amount each month.
Step 3: Pick the Schedule E line, the Paid on day, and the First month.
Step 4: Choose Save monthly cost.

For a mortgage, tick It's a loan payment (only the interest is an expense), then enter the payment, the Loan balance before the first payment, and the Interest rate (%). Each month only the interest is logged; the principal isn't an expense. Add escrowed taxes and insurance as their own monthly costs.

A First month in the past adds every month from then until now when you save.
Edit changes the months still to come. Stop ends it; expenses it already added stay.
Costs are added the next time someone opens the house, not at midnight on the day.

Flip money and rental money

How it countsThe start date of the first lease splits the two. Everything spent before it is the purchase and rehab, which becomes your cost basis. Everything from that day on is the rental's income and expenses.

The rental books

Rental books appears once the house has a lease. Pick the Year to see:

A table of Income, Expenses, and Cash flow for each month
Schedule E for the year: rents received, each expense line, total expenses, and Net before depreciation
Cost basis for depreciation: purchase price, what you spent before it was rented, and improvements since

Put each expense on the right line

Under Expenses, each row has a Schedule E line. The app makes a first guess from the budget category and tags it guess. Pick the right line to clear the tag.

Choose Improvement (adds to basis) for capital work, such as a new roof or furnace. It leaves the year's expenses and joins the cost basis.

Depreciation

Type the Land value, from your tax bill and choose Estimate depreciation for a straight-line estimate over 27.5 years. It is an estimate, not tax advice: your tax preparer decides what's basis and files the depreciation.

Hand it over

Download Schedule E CSV gives your preparer the year's summary, the improvements, the cost basis, and every expense behind the totals.

What the app doesn't do

It doesn't collect rent or move money.
It doesn't screen tenants. Use a screening service.
It doesn't write leases. Upload the one you signed.
Tenants don't get a login, and nothing is sent to them.

Can’t find it, or something here is wrong? Email [email protected]. A founder reads every message.