In this episode of the Tax Smart REI Podcast, Thomas Castelli sits down with Hall CPA Advisory Manager Justin Shore to break down why bookkeeping isn’t just busy work, it’s the foundation of audit defense and financial success as a real estate investor.
Tune in to learn:
- Why sloppy bookkeeping can raise red flags and trigger IRS scrutiny
- The key differences between Schedule E and Schedule C—and why they matter for your rentals
- How proper categorization of expenses (like cleaning vs. repairs) can make or break your audit defense
- Why bank statements aren’t enough, and the documentation you must keep to substantiate deductions
- The penalties and costs of poor records and how to avoid them
- The line between bookkeepers and tax preparers, and what responsibilities truly fall on you
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