I have a Rental Property. What information should I track?

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

How much money do I need to make to file taxes?

I'm ready to file, what information will you need?