Rental Income and Operating Expense Records
Organize records by property and tax year. Include rent received, property-manager statements, operating expenses, insurance, property taxes and loan interest statements. Identify amounts paid directly by an owner as well as those handled by a manager.
Purchase, Improvement and Depreciation Records
- Purchase and closing documents and records supporting the property’s tax history.
- Prior depreciation schedules and earlier federal and state returns.
- Itemized repair and improvement invoices, project descriptions and completion dates.
- Asset purchases, financing, insurance reimbursements and disposal records.
Keep project information rather than assigning tax treatment from an invoice label alone. Read the rental repairs and improvements guide for questions to raise with your CPA.
Personal Use, Ownership Changes and Sales
Provide rental availability, personal-use and hosting records, changes in ownership and any sale or conversion documents. Include the relevant dates and explain the property’s use during the year.
Choose the Preparation or Planning Route
For annual filing, review rental property return preparation. Owner-hosts should also compare Airbnb and Vrbo tax preparation. For decisions before a purchase or sale, use the rental planning checklist and confirm a separate planning scope.
Frequently Asked Questions
Can these records be provided electronically?
Yes. Organized electronic records are generally efficient, provided they are complete, readable, and grouped by tax year or business activity.
Should prior-year returns be included?
Yes. Prior-year federal and state returns often provide important carryforward, depreciation, basis, and payment information.
Related Tax Resources
Ready to Get Started?
Schedule a consultation with CPA of Denver to discuss your individual or business tax filing needs.
Have a Specific CPA Question?
Book a $350 CPA Consultation for tax, accounting or financial-statement questions. The allowance covers up to one hour total for document review, preparation and the telephone call. Written reports and implementation require a separate scope. For availability or service-fit questions, send a brief inquiry.