CPA of Denver · Work directly with Philip M. Falco, CPA
A rental tax review starts with property-by-property records and the owner’s broader tax picture. Use this checklist before a planning meeting, a purchase, a conversion to rental use or a proposed sale.
Property and Ownership
- Property addresses, ownership percentages and entity details.
- Purchase statements, financing and capital improvement history.
- Dates ready and available for rent, occupancy and personal use.
- Management agreements and descriptions of owner involvement.
Income, Expenses and Tax History
- Rent rolls, platform statements, deposits and property-management reports.
- Separate operating expenses, loan principal and capital projects.
- Prior depreciation schedules and relevant tax returns.
- Suspended losses and prior elections where available.
- Repairs, replacements, reimbursements and insurance proceeds.
Questions to Raise Before Decisions
Tell your CPA about changes in rental use, significant work, refinancing, new co-owners, property sales or activity in another state. Short-term use, personal use and participation facts can change the questions that need analysis. Do not assume every rental loss can offset wages.
Hosting through Airbnb, Vrbo or direct bookings? See short-term rental tax preparation and strategies for owner-hosts for the records, reporting and participation questions to raise.
Define the Planning Question
Choose the decision you want help with: estimating the tax effect of a sale, understanding records needed for a project, or identifying gaps before return preparation. A narrower question helps determine whether a focused consultation fits or a larger project is necessary.
This page organizes records; it does not replace a property-specific analysis. Read records for rental return preparation, repairs versus improvements and sale planning. Return to the real-estate investor hub for service options.
Frequently Asked Questions
Can all rental losses offset my wages?
No. Passive-activity, at-risk and other limitations may apply. Eligibility depends on the facts and the applicable rules.
Choose Your Next Step
For a focused question, review the $350 CPA Consultation: up to one hour total for document review, preparation and the telephone call. Larger analyses and implementation require a separate engagement. For service-fit and pricing questions, send a brief inquiry; do not include sensitive financial records.
Official References
Updated October 17, 2026 · CPA of Denver. General information; the applicable tax year, facts and written engagement determine the work and advice provided.