For landlords & rental owners

Bookkeeping software for landlords, run by your AI

A book per property, free, with an AI assistant doing the categorizing. Real double-entry underneath, so the numbers hold up.

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Rental books, kept

Categorize July for the Maple St duplex. The $2,400 from Chase is rent, both units.
Posted: $2,400 rent income, the $310 Home Depot charge to repairs, insurance and water bills to their accounts, and the mortgage payment split $611 interest / $489 principal. One charge from “JT Services” is flagged: repair or capital improvement?

Why landlord books go wrong

Three habits make rental bookkeeping painful, and all three are structural, not effort.

Everything in one checking account

When personal spending, Property A, and Property B share an account, per-property profit is a reconstruction project every April. Separate books (free here) make the split automatic.

Mortgage payments booked as expense

Only the interest is deductible; the principal is not an expense at all. Booked as a loan, every payment splits correctly and your equity picture stays real.

Spreadsheets that drift

A spreadsheet trusts you to never miss a row.
Landlord bookkeeping guide →

Set up in an afternoon

  1. 1

    One book per property, or one book with tags

    A duplex and two singles can be three clean books, or one book with a tag per property. Either way every dollar lands against the right address.

  2. 2

    Hand your AI the statements

    Give your AI the bank statement for the rental account. It imports, categorizes rent, repairs, insurance, utilities, and mortgage payments, and flags anything ambiguous instead of guessing.

  3. 3

    Pull the picture your preparer wants

    Everything is ready when your preparer asks. Tax season becomes handing over reports, not shoeboxes.

The heavy lifting is your assistant’s job: connect Claude, ChatGPT, or Grok and talk to it in plain language.

What you get at tax time

Per-property P&L

Each property on its own statement. It is the sheet your preparer builds Schedule E from.
See the reports →

1099 vendor totals

Paid a contractor across the year? Vendor totals are tracked as you go, with missing W-9s flagged before January.
How the 1099 report works →

Reconciled, not remembered

Every month ties to the bank statement, so the annual numbers are proven, not hoped.
How reconciliation works →

Everything exports

Full CSV export of transactions, ledger, and reports. Your data, your preparer’s format, no lock-in.

Common questions

What is the best way to do bookkeeping for rental properties?

Keep each property separable from day one, fed by a dedicated rental bank account. LedgerMCP makes the structure free and an AI assistant does the categorizing.

Do I need a separate book for each property?

No. A separate book per property is the cleanest option, but one book with a tag per property also works; per-property reporting falls out either way.

Can it track security deposits?

Yes, the double-entry way: a deposit is recorded as a liability, because it is the tenant’s money you are holding, not income. When you refund or apply it, the entry moves it properly. Your AI posts it correctly when you tell it what happened in plain language.

Does it do Schedule E?

Rentals report on Schedule E, and LedgerMCP does not fill tax forms; the built-in tax report is Schedule C shaped. What your preparer gets is the per-property reports and CSV export they actually work from.

What about mortgage payments?

Recorded as a loan, each payment splits correctly: interest to expense, principal against the loan balance. Ask your AI to set the loan up and it handles the split.

What does it cost for a landlord with a few properties?

The software is free: unlimited books, CSV import, all reports. If you want live bank feeds instead of dropping in statements, feeds are pooled across all your books from $9 per month, not per property.

Give every property clean books

Connect your AI and hand it this month's statement.

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