What info does my Full Service tax expert need about my rental property?

by TurboTax•321• Updated 4 months ago

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