Tax Preparation Checklists To Help You Get Your Tax Documentation In Order

Schedule E, Rental Property
Tax Preparation Checklist

Our Schedule E Rental Property Tax Preparation Checklist will help you get organized while gathering up all the documentation necessary for preparing your tax return.

This can also help you pay the least amount of taxes possible by helping you discover tax breaks that can be applied to your taxes.

This list is intended to help you discover all the income and expense information needed to prepare Schedule E (Form 1040), Supplemental Income and Loss forms for your particular rental properties. Good software like TurboTax Premier can help as well.

In all, this schedule is used to report income or loss from rental real estate, residual interests in REMICs, royalties, partnerships, S corporations, estates, and trusts.

Rental Property Record-Keeping Checklist

With rental properties, your record keeping and management skills are the utmost important factors needed to insure compliance with tax laws, and the best possible financial outcome when taking advantage of tax breaks that can help you lower your end-of-year tax bill.

Rental Property Schedule E Tax Prep Checklist

click to print rental property checklist

Rental Property Income

  • Rental income received
  • Coin laundry income
  • Government subsidies

Rental Property Expenses

  • Advertising
  • Commissions paid
  • Auto Travel (documented mileage to collect rent or make repairs)
  • Rental related supplies
  • Cleaning & maintenance costs
  • Lawn care, snow removal
  • Repair Costs
  • Insurance costs
  • Utilities, gas, electric, garbage, water, sewer, etc.
  • Pest control expenses
  • Legal & Professional fees paid
  • Management fees paid
  • Accounting and tax preparation fees
  • City code fees
  • Real Estate Taxes paid
  • Mortgage Interest paid (Form 1098 from mortgage company)
  • Association dues
  • Other rental related interest
  • Other related costs not listed here (provide details)

Rental Property Tax Breaks and Adjustments

  • Depreciation expense or depletion
  • Appliance / HVAC purchases
  • List of new assets, remodel improvements, (cost & date acquired)
  • List of assets sold or traded (sales price and date sold)
  • % of Ownership or Occupancy (if not 100%)

Document Each Property Individually

For each property owned you will need to supply a breakdown of income and expenses as well as a depreciation schedule. Rent received should include deposits only if they are NOT returned to the renter.

Worksheet For Each Rental Property

  • Description of Property: Residential | Commercial | Land | Farm
  • Address of Property
  • Date Purchased and Cost
  • Rental service travel mileage
  • Improvements
  • Rental income
  • Other Income
  • Deposits forfeited
  • % of Occupancy or Ownership (if not 100%)
  • If less than 100%, prorated income and expenses
  • Advertising
  • Real estate taxes
  • Accounting supplies
  • Accounting and tax preparation
  • Association dues
  • Utilities: water, sewer, electric, gas etc.
  • Auto travel mileage
  • Cleaning and maintenance
  • Commissions
  • Insurance
  • Legal and professional fees
  • Management fees
  • Landscaping/Gardening
  • Mortgage interest
  • Other Interest
  • Painting and Decorating
  • Pest Control Other Expense
  • Repairs - Plumbing, Electrical, Appliances