Collect this information during the year to capture all of the income and expenses.
Rental Property Tax Prep Checklist
Click to download a copy of this checklist
Rental Property Income
• Rental income received
• Coin laundry income
• Government subsidies
Rental Property Expenses
• Advertising
• Commissions paid
• Auto Travel (documented mileage to collect rent or make repairs)
• Rental related supplies
• Cleaning & maintenance costs
• Lawn care, snow removal
• Repair Costs
• Insurance costs
• Utilities, gas, electric, garbage, water, sewer, etc.
• Pest control expenses
• Legal & Professional fees paid
• Management fees paid
• Accounting and tax preparation fees
• City code fees
• Real Estate Taxes paid
• Mortgage Interest paid (Form 1098 from mortgage company)
• Association dues
• Other rental related interest
• Other related costs not listed here (provide details)
Rental Property Tax Breaks and Adjustments
• Depreciation expense or depletion
• Appliance / HVAC purchases
• List of new assets, remodel improvements, (cost & date acquired)
• List of assets sold or traded (sales price and date sold)
• % of Ownership or Occupancy (if not 100%)
Document Each Property Individually
For each property owned you will need to supply a breakdown of income and expenses as well as a depreciation schedule. Rent received should include deposits only if they are NOT returned to the renter.
Rental Property Worksheet
• Description of Property: Residential | Commercial | Land | Farm
• Address of Property
• Date Purchased and Cost
• Rental service travel mileage
• Improvements
• Rental income
• Other Income
• Deposits forfeited
• % of Occupancy or Ownership (if not 100%)
• If less than 100%, prorated income and expenses
• Advertising
• Real estate taxes
• Accounting supplies
• Accounting and tax preparation
• Association dues
• Utilities: water, sewer, electric, gas etc.
• Auto travel mileage
• Cleaning and maintenance
• Commissions
• Insurance
• Legal and professional fees
• Management fees
• Landscaping/Gardening
• Mortgage interest
• Other Interest
• Painting and Decorating
• Pest Control Other Expense
• Repairs - Plumbing, Electrical, Appliances