I receive a monthly statement from property manager. Is the monthly operating statement sufficient proof of my expenses or does the IRS require copies of every bill paid?
The IRS requires documentation from a 3rd party source to substantiate any rental and or business deductions. The documentation should show the date, amount paid, who it was paid to and that the purpose was business/rental related. If the property manager identifies this information on the monthly statement and the payment is made directly to the property manager then that should be sufficient.
Annette Hall, CPA
515 Keisler Drive
Cary, NC 27518
919-468-0505
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