Landlord Tax Guide - Free E-Book

Landlords Quick Tax Checklist

❏ Calculate the number of days each month that you used your property for personal use and for rental use. This will determine the tax treatment of your rental and help you calculate your deductions.

❏ Add up your total operating costs (utilities, insurance, food for guests, etc.) you incurred each month during the year s

o you can calculate your deductions. If you took our advice on keeping information in real time, this should already be done! ❏ If you own your home, add up your total “homeowner” costs (mortgage interest, real estate taxes, etc.) you incurred each month during the year so you can calculate your rental deductions. If available, use supporting documents like the 1098 you received from your mortgage lender to make this step a breeze.

❏ Tally your assets. To the extent not detailed on your balance sheet, compile a list of the improvements you made to your rental property during the year, and make sure to include the price of improvements and dates put in use.

❏ Gather your property information (address, type). Make sure you have the information about your property that you will need if you are required to complete Schedule E, including the physical address of each property you rent and the property type (single family residence, multi-family residence, short-term rental, etc.) of each rental.

❏ Hold on to that 1099 from Airbnb (or VRBO, HomeAway); you’ll need it so you know how much income to report on your Schedule C or Schedule E.

❏ Export key statements. If you use accounting software to track your rental revenues and expenses, export your profit and loss statement and trial balance to excel or directly into your tax software. This information will also be used to populate your Schedule C or Schedule E. With an app like Hurdlr, a few taps on your smart-phone will generate these.

❏ Get Hurdlr. Wouldn’t it be great if there was an app that simplified this for you? There is – it’s called Hurdlr, and it allows you to easily track and manage your finances from anywhere, any- time on your phone.

For a complete checklist of what you will need to complete your individual tax return, refer to your local CPA, H&R Block or tax software for guidance.

Renting is a complex topic. Our explanations are only high-level summaries, and actual practice may differ from our explanations – there is just too much to cover. Your tax preparer will be able to clarify the distinctions for you specifically.

We’ve written a handy guide to help you maximize your rental income and simplify your taxes. Tap the bonus section below to download the Landlords Guide to Taxes + this checklist.

Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as financial or tax advice. It is not intended to be a substitute for obtaining accounting or other financial advice from an appropriate financial advisor or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.