Property information
- Property address
- Ownership entity
- Ownership percentage
- Property type
Client resource
Rental Property Tax Checklist
Please provide the following for each property you own. Separate records by property rather than combining everything into one total.
Income
- Gross rent
- Other property income
- Property-management statements
Expenses
- Property taxes
- Mortgage interest
- Insurance
- Repairs
- Utilities
- Management fees
- Legal / accounting
- Other operating expenses
Capital improvements
List improvements separately from ordinary repairs. Examples:
- Roof
- Major HVAC
- Structural improvements
- Kitchen renovation
- Major building systems
- Other capital projects
Final tax treatment of an item is determined during preparation. Listing a cost here does not establish how it will be reported.
Purchases / sales
Provide:
- Closing statement
- Purchase or sale contract where requested
- Prior depreciation
- Improvement records
- Transaction expenses