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Landlord record keeping: what to keep and for how long
Good records support your deductions if the IRS asks, and they make tax time fast. Here's what to keep, how long to keep it, and a simple system.
Updated October 2026. General information for US landlords, not tax or legal advice.
What to keep
- Income: bank deposits, rent ledger, leases, records of deposits received and returned.
- Expenses: receipts and invoices, canceled checks or card statements, Form 1098, property tax bills, insurance declarations.
- Mileage: a log with the date, destination, purpose and miles, made at or near the time of the trip.
- Property records: the purchase closing statement, improvement invoices, depreciation schedules, and the sale documents when you sell.
How long to keep records
| Record | Keep for | Source |
|---|---|---|
| Most tax records | 3 years from the date you filed (or the due date, if later) | Pub 583 |
| If income was underreported by more than 25% | 6 years | Pub 583 |
| Property basis records (purchase, improvements, depreciation) | Until the limitation period expires for the year you sell or dispose of the property | Pub 583, Pub 527 |
| Employment tax records (if you have employees) | At least 4 years | Pub 583 |
Property records often need to be kept for decades, because depreciation and improvements affect your gain when you sell.
A simple system
- A separate bank account and card for the rentals. This is the biggest time saver.
- Snap receipts as you get them and name the files by date and amount. The IRS accepts electronic records if they're accurate and legible.
- Log each transaction in a spreadsheet with a Schedule E category. Use the free template or the Rental Property Tracker, which flags expenses without a receipt reference.
- Reconcile monthly against the bank statement.
- Archive each tax year with the return, the Schedule E backup and the depreciation schedule.
Ready for tax time? Read the Schedule E guide and grab the free deduction checklist (PDF).
Sources: IRS Pub 583 (Starting a Business and Keeping Records); Pub 527; Pub 463; IRS "How long should I keep records?"
FAQ
How long should a landlord keep receipts?
Generally 3 years after filing the return they support. Keep records that affect the property's basis (purchase, improvements, depreciation) until the limitation period ends for the year you sell.
Are digital receipts OK for the IRS?
Yes. Electronic records are acceptable if they're accurate, complete and legible, and you can produce them when asked.
Do I need a separate bank account for my rental?
It isn't legally required for an individual landlord, but it makes your records much clearer and is strongly recommended.