Tax Reducers Organizer - Rental Property

If you own property that you rent out to others, whether residential or business, then you must report the income and expenses for that property. This is true even if you are just renting out a room in your house. Part of the expense will be depreciation expense of your property. Allowable depreciation will affect the cost basis of your property when you sell even if you do not take it as an expense - so you are better off to take it.

For EACH property, provide the following:

Asset Information

- Address & description of property

- Itemized list of depreciable assets

- Prior depreciation information ( COPY of prior year's tax return)

- Itemized list of improvements to property this tax year (not repairs)

Rental Income

- Gross actual rent receipts (do not count money owed to you but not received)

- Security deposits received

Operating Expenses (include ONLY items actually paid during this tax year)

- Wages Paid (do not include draws for yourself or wages owed but not paid)

- Office rent paid- If you had an office in the home, click here for additional instructions

- Telephone

- Office Supplies

- Interest Paid

- Property Tax Paid

- Repairs

- Other Taxes

- Licenses

- Advertising

- Insurance

- Accounting

- Travel (for local travel, see mileage information below)

- Utilities

- Gardening

- Printing

- Professional Books/Magazines

- Tools

- Postage/Freight

- Software

- Other business-related expenses

Assets Purchased (with purchase dates, amount paid and descriptions)

- Computer Equipment

- Autos/Trucks (for vehicle use, see mileage information below)

- Desks/Files/Office Equipment

- Buildings

- Building Improvements

- Other

Leased Assets

- Description of Asset

- Length of Lease

- Date of start of lease

- Lease down payment

- Periodic payment amount

- Buyout amount at lease end (fixed or market)

Automobile/Truck Use by Mile

- Description of Vehicle

- Purchase Date

- Purchase Amount

- Date placed in service

- Total miles driven this year

- Total miles used for commuting

- Total miles for direct business use

Caution!