Any income you receive from selling real estate property can be considered taxable revenue, with the exception of the sale of your principal residence under a principal residence exemption. Furthermore, any income you receive leasing out rental property can be considered taxable revenue.
If you use a reliable real estate accounting software to do your books, it's not hard at all!
For example, Sage accounting can help you get your finances organized, automate creating and sending invoices, track expenses, generate insightful financial reports to inform business decisions, and much more. It makes doing the books for your real estate or property management business a breeze.
Real estate agents and property managers deal with sales, customer support and admin, which can be time-consuming, but accounting software can help to save time and manage projects
For example, Sage Accounting will help you to automate financial admin tasks and create and send invoices, and it will help you review your numbers regularly to make sure you're on track. You can also snap and capture receipts related to your expenses as you go and our software will automatically sort them.
The best accounting software for your real estate or property management business should be easy to use and include the following features:
Sage Accounting can do all of the above, and more!