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Accurate records need to be kept for any rental expenses you deduct from your rental income.

You must keep all your records for seven years, even if you stop renting. You don't need to send your records or working papers with your tax return. You must keep them in case we want to see them.

You must keep records so:

  • you can calculate the income and expenses of your rental property
  • we can confirm your accounts.

Records you should keep

Your rental income records include:

  • all receipts and payments
  • bank statements, cheque stubs and deposit books
  • invoices and receipts
  • working papers for all calculations, including your vehicle logbook
  • a list of assets and receipts with cost price and purchase date
  • a copy of the rental agreement and rent book
  • a copy of any loan mortgage agreement.

It's a good idea to use a separate bank account for your rental activity.

You must keep accurate records of purchases and sales of your rental assets. This helps if we need to check your depreciation deductions.

Holiday home records

If you want to deduct expenses from the rental income of your holiday home, you will also need a record of:

  • private-use days
  • income-earning days
  • expenses you paid
  • names of each tenant together with their relationship to you and the rent they paid.