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Desmond Neoh, Your Area Specialist, Multilingual (Weichert, Realtors)

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Rainmaker
582,106
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

I always keep receipts, canceled checks and copies of invoices. My CPA insists on it.

Apr 01, 2016 11:36 PM
Rainmaker
5,005,614
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Its so easy to scan receipts in an on-line file. You must have receipts for deductions..estimating doesn't cut it!

Apr 01, 2016 11:28 PM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

The IRS will not take estimated costs!

Apr 02, 2016 03:51 AM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

I scan them and also track them and give a recap to my cpa.  I use one business card strictly for business so it makes it easy.

Apr 02, 2016 12:07 AM
Rainmaker
1,661,936
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

I keep online and paper info for the tax accountant.

Apr 01, 2016 11:48 PM
Rainmaker
2,220,323
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Keep receipts. You may want to consult with your CPA so you know what information you will need when filing taxes Desmond Neoh 

Apr 01, 2016 11:37 PM
Rainmaker
1,598,452
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Great answers, hope it helps. 

Dec 06, 2019 09:25 PM
Rainmaker
2,071,025
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

You got great answers. 

Dec 06, 2019 09:02 PM
Rainmaker
5,868,482
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I have an excel spreadsheet for my expenses, and keep all receipts.

Apr 04, 2016 02:02 PM
Rainer
45,957
Andy Madrid
Hawaii Coast Realty, LLC - Kailua-Kona, HI
Expertise, Professionalism, and Service

I keep all of my receipts for everything and right now I just write everything down in a notebook but I'd like to come up with something better.

Apr 04, 2016 03:50 AM
Rainmaker
2,707,721
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

I use a business credit card for all expenses and Quickbooks to keep my accounting in line...my CPA is so happy with these practices

Apr 03, 2016 01:35 PM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Simple for me... I hand or email all receipts to my husband, who manages everything in QuickBooks and then sends on to our accountant.

Apr 03, 2016 04:37 AM
Rainmaker
7,836,134
Roy Kelley
Retired - Gaithersburg, MD

Keep the records that you need for tax purposes. 

 

Apr 03, 2016 02:16 AM
Rainmaker
5,216,398
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Some years I am good at tracking and some years plain awful!

Apr 02, 2016 10:46 PM
Rainmaker
2,759,812
TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 I keep track of everything. Being a good steward of your financial resources is essential in this business.

Apr 02, 2016 07:07 PM
Rainmaker
634,482
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

Estimates are not good for our accounting, Desmond Neoh. Keep your expense receipts and write notations on them to identify the expense.

Apr 02, 2016 06:55 PM
Rainer
117,040
Althea Kippes, Esq.
A.T. Kippes, Real Estate Broker - San Francisco, CA
Serving San Francisco to Silicon Valley!

I just attended a program on Taxbot.  It looks like a great resource and the mileage tracker is fabulous.  There is a two week free trial.

Apr 02, 2016 06:24 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Desmond Neoh - usually credit card statements and receipts are important to keep track of expenses. There are some apps for that, too

Apr 02, 2016 04:12 PM
Rainmaker
1,771,867
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

I just put it all on one separate credit card and get the statement at the end of the year.

Apr 02, 2016 02:09 PM
Ambassador
3,164,294
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

my firm is a c- corp, I w-2 myself and pay taxes.  My corporation keeps up with all it's receipts and I use Sage Accounting and provide my CPA with that.

Apr 02, 2016 01:42 PM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

A hanging file folder labled "Real Estate/Firearms Business Expenses"

Apr 02, 2016 01:25 PM
Ambassador
2,684,009
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

   On paper, on hard drive, on backup drive, on DVD disks, and in the Cloud. 

   The records and receipts that you fail to keep will be the ones needed in a civil suit or an IRS audit!

Apr 02, 2016 01:22 PM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

I try to use only one credit cards for all my business related expenses. If you pay cash or check, keep receipts( and records). 

Apr 02, 2016 12:59 PM
Ambassador
3,383,334
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

I keep receipts, but also enter them into a monthly income/expenses spreadsheet.

Apr 02, 2016 12:49 PM
Rainmaker
1,725,996
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

We use Quickbooks and yes, always get receipts.

Apr 02, 2016 12:20 PM
Ambassador
2,161,048
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Estimating isn't keeping track, is it? Keeping receipts and other documentation is essential not only for tax purposes.

Apr 02, 2016 11:04 AM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Daily work in QuickBooks.

Apr 02, 2016 08:44 AM
Rainer
77,119
Sandra Steele
Wise Choice Properties, Sedona/Verde Valley Branch - Cottonwood, AZ
Integrity, Knowledge - 37 Years of Experience!!!

I definately keep receipts.

Apr 02, 2016 07:06 AM
Rainmaker
564,720
Women of Westchester Working Together
Women of Westchester Working Together - West Harrison, NY
Women helping Women get ahead

Quickbooks.  And, then give to accountant.

Apr 02, 2016 05:50 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I use Quicken to keep track of my spending and file all my receipts.

Apr 02, 2016 05:15 AM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

receipts.... to the penny.....no estimates....

 

Apr 02, 2016 04:18 AM
Rainmaker
4,936,605
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I keep all receipts for my CPA

Apr 02, 2016 03:58 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Desmond Neoh All receipts right down to the penny. You'll be glad you did in the event of an IRS audit.

Apr 02, 2016 03:06 AM
Ambassador
3,345,091
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Yes. Receipts for EVERYTHING.  I use Quicken.  I track my miles as well. I do that manually with a monthly mileage log.  I prepare everything and take to my CPA.  IRS wants receipts. I note the client name on the receipt and what I discussed.  My mileage log will note I also saw that client, on that day, at that restaurant ... connecting the dots.  As Dorie Dillard points out ... estimates don't cut it.  

Apr 02, 2016 02:34 AM
Rainmaker
1,157,785
FN LN
Toronto, ON

Lots of businesses and people do not get 1099 forms.

Apr 02, 2016 01:49 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Not long ago I received payment for my claim for the BP oil spill.

Without receipts I would have been SOL.

I scan everything and keep the paper. Six years later all the type on the receipts has turned invisible making that box somewhat irrelevant.

If you ever have issues with Fed Gov Departments, you will be 'Oh so happy' to have saved everything for longer than 10 years.

Apr 02, 2016 01:46 AM
Ambassador
6,393,179
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

We keep EVERY recipt.

Apr 02, 2016 01:34 AM
Rainmaker
1,239,901
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

CPA needs documentation including receipts. No guesstimate.

Apr 02, 2016 01:22 AM
Rainer
32,857
Leanne Carpenter
RE/MAX Realty Professionals - Mobile, AL

You always want to keep a paper copy. That way you can track it completely

Apr 02, 2016 12:59 AM
Rainmaker
1,543,634
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

I track all my expenses right in my Buffini & Company Referral Maker CRM for my reports at a glance, I transfer them monthly to QuickBooks and then e-mail my CPA the quarterlies. I keep the receipts for 5 years.

Apr 02, 2016 12:41 AM
Rainmaker
617,935
David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation
Colorado Real Estate Advisers LLC - Colorado Springs, CO
Relocation, Luxury & Lifestyle residential

There is a file for the paper receipts and folders on the computer for the electronic receipts.

Apr 02, 2016 12:41 AM
Ambassador
5,049,058
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

I keep all receipts by month, and have a large P and L spreadsheet to track all income and expenses

Apr 02, 2016 12:27 AM
Rainmaker
1,525,616
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I keep receipts and also go through my credit card bills and check register.

Apr 02, 2016 12:08 AM