Comments on: What Docs Does My Accountant Need For Rental Real Estate At Tax Time?

By: Doctor Deth

Doctor Deth — Mon, 14 Sep 2009 10:47:35 +0000

mortgage statements showing mortgage int for the year, property tax receipts if separate from mtg stmt, receipts for any expenses on the property, a record of rent received

By: God answers all questions

God answers all questions — Mon, 14 Sep 2009 10:30:29 +0000

“Can a blind man lead a blind man? Will they not both fall into a pit? A disciple is not above his teacher, but everyone when he is fully trained will be like his teacher. Why do you see the speck that is in your brother’s eye, but do not notice the log that is in your own eye? How can you say to your brother, ‘Brother, let me take out the speck that is in your eye,’ when you yourself do not see the log that is in your own eye? You hypocrite, first take the log out of your own eye, and then you will see clearly to take out the speck that is in your brother’s eye.

By: chatspla

chatspla — Mon, 14 Sep 2009 09:45:10 +0000

READ up on schedule E instructions at http://www.irs.gov.
Purchase price and adjustments to basis.
Need rent roll, and expenses by category (schedule E).
Need to differentiate between repairs and maintenance and Improvements. Need mileage log. Need real estate tax bills and mortgage statements.

By: v b

v b — Mon, 14 Sep 2009 09:26:50 +0000

Your cost basis in the home.
Your tax appraisal statement if you don’t know what you paid for the land.
If the property values have dropped since you bought the home, the value of the house at the time you converted it to rental property.
The date you converted it to rental property.