Investment Rental Property Checklist
For 2020, TurboTax Premier is the popular choice specifically designed for investment minded taxpayers looking for superior guidance to report investment income, expenses, and depreciation.
TurboTax Premier tracks what needs to be reported, and how to do this in the most economical way for tax savings.
Rental properties can be a great investment for future retirement. However, income and expenses can be challenging to keep track of and properly report.
Fortunately, with the TurboTax Premier tax software edition, this task can be a simple fully guided experience that insures your schedule E and corresponding documents are all prepared properly.
TurboTax Premier & Investments
This Schedule E Rental Property Tax Preparation Checklist can help rental property investors get their paperwork organized and help discover what documentation is needed to prepare their income tax return and applicable forms.
Schedule E (Form 1040), Supplemental Income and Loss Income Tax Support Forms
The Schedule E tax form is used to report income and expenses from rental real estate, residual interests in REMIC's, royalties, partnerships, S corporations, estates, and trusts.
Rental properties require accurate record keeping and management skills for complete compliance with current 2020 tax laws. Taking advantage of investment property tax breaks could help you lower your overall tax liability significantly.
TurboTax Schedule E Rental Property Documentation and Tax Preparation Checklist
Each investment property will require specific income and expense documentation, along with a depreciation schedule. Keeping a separate worksheet for each rental property insures accuracy.
Investment Rental Property Income
- Rental income
- Coin laundry income
- Government subsidies received
- Deposits forfeited
Investment Rental Property Expenses
- Auto Expenses (rental property related transportation
- Advertising costs
- Commissions paid
- Legal & Professional fees
- Management fees paid
- Accounting, tax preparation fees
- Repair Costs
Utilities and related expenses paid by landlord
- Cleaning & maintenance costs
- Painting and Decorating
- Lawn care, snow removal
- Gas, electric, garbage, water, sewer, etc.
- Pest control
- Real Estate Taxes
- Mortgage Interest paid (Form 1098)
- Property Insurance
- Association fees
Tax Deductions and Adjustments
- Appliance / HVAC purchases
- New assets, improvements, (cost & date acquired)
- Assets sold or traded (sales price & date sold)
- Percent of Ownership Occupancy (if not 100%)
- Residential, Commercial, Vacant Land, Farm
- Property Addresses (document out of state properties separately)
- Purchased Date and Cost
TurboTax Premier walks you through rental property reporting by asking simple question to collect important data.
- Did you have any rental or royalty income and expenses?
- Description, address, ownership percentage, etc.
- Rental income
- Rental expenses
- Capital assets and depreciation
- Vehicle expenses
Nonresident state property is reported as out-of-state rental property, using a nonresident state tax return.
Rental income is reported in the year you received it.