We discussed the first five rental property operating expenses here so be sure to check that out along with this blog to get a firm grasp on all of the expenses you want to be accounting for. Here are the final five…

Property Management

Do you have someone manage your property? If so, they charge you fees associated with their services which qualify as operating expenses. A good property manager will provide you with a P&L for the property they manage for you and their fees will definitely be included in there.

Landscaping/Snow Removal

Are you responsible as a landlord for removing snow and coordinating the landscaping needed at your rental property? If you are you know those expenses add up and you might have already figured these are most certainly an operating expense. Be sure to hire legit professionals who will invoice for you for these services. It makes accounting and organizing things easier for tax time.

Legal and Accounting Services

Do you have a CPA prepare your taxes? Did you have a costly eviction that your lawyer was involved in? Save their invoices because both are operating expenses. There will be some years where these costs are more than other years, but you want to get in the habit of accounting for them nonetheless.

Advertising Vacancies

Did you incur expenses when you filled your vacancy? Any of those costs should be documented. Even though most online advertising services are free, in some markets in order to get in front of good candidates you may be forced to pay for marketing.

Repairs/Maintenance

This isn’t breaking news but your tenant will call with repair requests from time to time. Add to that preventitive maintenance that you will choose to do at your rental property to prevent small repairs from blossoming into big issues. Although these can be a major inconvenience to deal with in the moment you want to have the presence of mind to save your invoices/receipts because they are all operating costs that you can write off.