TurboTenant Accounting: Tracking Tools Overview
You may have noticed some new tools under the Tracking Tab in TurboTenant. These TurboTenant Accounting Tools help you manage and analyze more areas of your rental business finances — setting you up for success during tax season.
Loans
The Loans tool allows you to:
Track the flow of funds throughout your rental business.
Monitor principal paydown and estimated equity over time.
Adding your loans to TurboTenant Accounting provides a clear view of your financial obligations and helps you maintain accurate portfolio records.
Fixed Assets (Capital Expenses)
The Fixed Assets feature is designed to help you record depreciable items such as:
The investment property itself.
Capital improvements made to that property.
These are non-operational costs that cannot be deducted in a single year. Instead, they are recovered gradually through depreciation over a predetermined period, ensuring compliance with tax reporting requirements.
Vendors
The Vendors feature helps you keep detailed records of service providers your business pays.
You can store:
Vendor name, email, phone number, and address
Tax identification number (TIN)
Tracking vendor details in TurboTenant supports accurate bookkeeping and simplifies reporting at tax time.
Mileage Log
If you use a separate mileage tracking tool, you can still capture mileage data in TurboTenant Accounting by entering a summary record.
Important: Keep detailed, trip-by-trip mileage records in your external system. The IRS requires original documentation if you’re ever asked to verify your mileage claims.
Time Tracking
TurboTenant Accounting now includes time tracking for hours spent managing your rental business.
Note: Time worked is not a deductible expense and will not appear in your financial reporting.
However, tracking this time can help investors qualify for preferential tax treatment, including:
Real Estate Professional Status
QBI (Qualified Business Income) rental real estate enterprise deduction
🚀 When you access any of the Tracking Tools, you’ll be redirected to the TurboTenant Accounting Website. We’re working to bring these tools directly into your TurboTenant Portal. Coming soon for a smoother, all-in-one experience!