This site answers questions about tax law and how to use TurboTax.
I’m needing a profit and loss statement for income verification for apartment rental. This was for payments that were reviewed from a few brand ambassador events. I know I can fill it out myself but they are saying a tax preparer has to do it. Is that true? Can I just get it notarized?
It would be a 1099. The payments were through veem so they won’t take the invoice. No paystubs for veem payments they want P&L statement.
Generating a profit and loss statement is a bookkeeping function, not an income tax function. If you are looking for a way to generate profit and loss statement, investigate Intuit's product Quickbooks. Most businesses will generate a profit and loss statement on a monthly basis.
I can but that’s not my issue. They are wanting a prepared document so can I just get it notarized?
The TurboTax income prep program will not create a profit and loss statement. You will either need to create one manually or find a software application that does it for you.
If you are self employed, and the landlord wants a PNL that is certified by an accountant, then you have to find an accountant to prepare one for you, or find another apartment to rent. This is not an income tax issue.
If your business was active in 2023, your 2023 tax return will report your gross income, expenses and profit on schedule C. You can show the landlord your tax return, but if they want to see an accountant's signature, there is nothing Turbotax can do, you need to find an accountant to work with you.
If this is a new business, and you are using business accounting software such as Quickbooks, the software can generate a PNL statement for the quarter or the year to date. But it won't be signed by an accountant unless you pay an accountant. This is not a tax problem, your problem is your future landlord is being very careful or very picky.