Key Documents Landlords Should Keep

Being a successful landlord requires good recordkeeping that will support tax deductions and keep tabs on tenants.

Here are the basic records that a landlord must maintain.

1. Tax records for at least seven years.
2. Maintenance schedules organized by property and type of work done.
3. Improvement schedule organized by property and type of completed project.
4. Building records including original cost of the building, the mortgage, and information about when the building was constructed.
5. Bills, receipts, and invoices from all contractors, cleaning services, and other companies that have done work on the property.
6. Insurance policies for all rental property organized by the building.
7. Tenant contact information including phone numbers and e-mail addresses.
8. Signed rental agreements.
9. Financial information on all security deposits for current tenants.
10. Correspondence, including all letters, notices, legal actions, and other contact with current and former tenants.

Source: Completelandlord.com (02/07/07)

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