im new here so bare with me. we have a rental in which our tenants had moved out and we decided to remodel the rental. the project took 5 months to finish and now i have tons of receipts (which i listed in an excel spreadsheet) do i have to list every single receipt or can i batch them into one transaction?
@sjbowler Well, we can’t advise you regarding what the IRS would prefer you do here, but it’s generally up to you to decide what level of bookkeeping detail you’d like to maintain. There’s nothing inherently “wrong” about consolidating receipts, but it does tend to lead to confusion, errors, discrepancies between “repairs” and “capital expenses”, etc. We would definitely recommend checking with a CPA on this if you’re unsure about how best to retain records of the work and associated costs.