For each rental property
- Lease and addenda. The signed lease, renewals, and any notices exchanged with the tenant.
- Rent charges and payments. What was due, what was paid, when, and how. A rent ledger keeps partial payments and balances visible.
- Receipts given. Copies of any rent receipts, tied to the payment they cover.
- Security deposit records. Amount held, date received, and any deduction accounting. Rules vary by state; see the deposit return letter guide for official state links.
- Expense records. Receipts or invoices for each cost, listed in an expense log with a reference to where the document is saved.
- Purchase and improvement records. Closing documents and records of larger improvements. These may matter for depreciation and sale; ask a tax professional about your case.
- Bank and card statements. Useful as a second source when a receipt is missing.
Across all rentals
- A rent roll listing each unit, tenant, lease term, and rent.
- A backup of your spreadsheets stored somewhere separate from the working copy.
- Year-end totals of income and expenses, organized by Schedule E categories.
How long to keep records
Retention depends on the tax limitation period and any other legal requirement. See the IRS guidance on how long to keep records and the IRS rental recordkeeping guide.