Rental-Property Tax Checklist

Property and ownership records

• Purchase closing statement and allocation between land and building
• Ownership percentages, entity information, and property address
• Date available for rent, days rented, and any personal-use days
• Prior-year return and complete depreciation schedule
• Refinancing, loan fees, and year-end mortgage statements

Income and operating expenses

Reconcile rents, deposits retained as income, platform statements, reimbursements, and other property receipts. Keep expenses separated by property and identify any amount shared with personal use.

• Advertising, management, insurance, utilities, taxes, interest, and professional fees
• Repairs, cleaning, supplies, travel, and eligible vehicle records
• Tenant reimbursements, insurance proceeds, and security-deposit activity
• Short-term-rental platform statements and occupancy records when applicable

Improvements, assets, and dispositions

List furniture, appliances, building improvements, and other assets with cost, purchase date, and placed-in-service date. If property or an asset was sold or taken out of service, include the closing documents and transaction costs.

Rental losses can be affected by basis, at-risk, passive-activity, and other limitations. Preserve prior carryforward schedules even when no deduction was allowed in the prior year.