Landlord Record Keeping: What to Keep and How Long
The IRS doesn't ask for your rental receipts when you file. It asks if it ever audits you. That's why landlords skip record keeping until it's too late. Here's what to keep and a simple way to do it.
What to keep
The IRS says to keep good records of rental income and expenses, backed by receipts, canceled checks or bills. In practice:
- Income: every rent payment, late fee and pet fee, by month
- Expenses: receipts and invoices for repairs, supplies, insurance, property tax, utilities, management and legal fees
- Mileage: date, where you drove and why
- Purchase records: your Closing Disclosure and anything that sets the property's basis
- Improvements: receipts for anything you depreciate, like a roof or HVAC
- Leases and deposits: each lease, move-in and move-out lists and what happened to each deposit
Deposits are tricky
A security deposit you plan to return isn't income. If you keep part of it, that part is income in the year you keep it. If the deposit is really last month's rent, it's income when you receive it. Record which is which.
How long to keep them
- Yearly income and expense records: at least three years after you file that year's return, the general IRS rule. Longer periods apply in some cases.
- Purchase, improvement and depreciation records: as long as you own the property and then until the limitation period runs out for the year you sell.
A system that takes ten minutes a month
- One bank account just for the rental. It's the easiest record you'll ever keep.
- Photograph receipts the day you get them.
- Once a month, log income, expenses and mileage in one spreadsheet, sorted by Schedule E line.
- At year end, total it and hand your preparer one summary.
That spreadsheet is what the Landlord Tax Organizer below does for you, for up to five properties.
Common questions
How long should landlords keep rental records?
At least three years after filing for yearly income and expense records, and as long as you own the property plus the limitation period after you sell for purchase, improvement and depreciation records.
Is a security deposit taxable income for a landlord?
Not if you plan to return it. Any part you keep is income in the year you keep it, and a deposit used as last month's rent is income when received.
Printable tool · $15
Landlord Tax Organizer
Rent, expenses, mileage and depreciation for up to 5 rentals, totaled by Schedule E line. Excel and Google Sheets.
Get it for $15Never miss the date. HomeDue reads the documents that came with your property and reminds you 30, 7 and 1 day before every deadline. Join the waitlist or grab the free 12 month checklist.
Sources checked October 2026:
General information for Georgia property owners, not legal, tax or insurance advice. Rules change, so check the official source or a professional before you act.