When you own a rental property, you have income and expenses that need to be reported on a Schedule E.
If you use accounting software to track income and expenses, you can upload your profit and loss statement to your tax expert. If you don’t use accounting software, you’ll need to give us your income and expense info in an organized and complete manner. Don’t include individual receipts.
Select the items applicable to you to learn what totals to give to your Full Service tax expert.
Income
- Cash
- Rents and royalties
- Credit card payments
- All 1099 forms you received related to your rental property
- Let your expert know if you’ve included these amounts in other payment forms
Common expenses
- Advertising costs, mailers, social media, and website
- Gas for your vehicle used for rental activity
- Cleaning and maintenance costs, gardening, housekeeping and cleaning between tenants
- Commissions paid to real estate agents or others who aren't your employees
- Insurance: property, casualty, homeowners, and liability
- Legal and professional fees, lawyers, accountants, and consultants
- Management fees if you pay a property manager
- Mortgage and other interest
- Repairs to keep the property in good working order
- Supplies such as garden mulch and pool chemicals
- Taxes: real estate, state, and local
- Utilities paid by you
Depreciation
Give your tax expert the date placed in service (may be the same as purchase date) and the cost for the following:
- Rental property
- Separate the cost of land
- Other assets such as appliances and furniture
- Costs of improvements
