Preparing For The Tax Appt.

How should an investor prepare for thier tax appt?

What info. is key for each property?

In other words, what info. can I provide to my tax person that will maximize my return?



I have always tried to prepare by gathering info. on all mortgages, any purchases for the year, any sales, and any repairs.

What other factors should I work on?

Does it help to file your taxes as a "professional"?

Comments(4)

  • finniganps12th January, 2007

    Typically, tax preparers have extensive checklists they provide to their clients so that as they gather the info., they check off the list. The lists usually are specific as to what you need to bring.

    You may want to consider putting a blank piece of paper on top of each paper clipped stack of papers indicating what the stack relates too (e.g. rental, mortgage interest, charity, etc.)

    Also, be sure to include a copy of at least the prior year tax return.

  • sirbeigealot12th January, 2007

    Thanks, I think I do get a list from her, but its not specific towards income properties.
    I just want to make sure that I cover all the bases in regards to my properties.

  • JaCC13th January, 2007

    If you are doing renovations on rentals, you will need to list out the improvements done because the tax laws allow for accelerated depreciation on some items, such as cabinets, flooring, appliances. These can be depreciated over 5 years instead of the 27.5 years for residential or 39 years for commercial. Your accountant will need the "normal" info such as the mortgage info, property taxes paid, repairs, rent received, settlement statements on the purchases/sales of houses. Best just to round up as much of the info that you can and take it in and then let him/her tell you what else you need.

  • ctsee1118th January, 2007

    Here is a link for a Corporate Real Estate Tax Organizer
    http://www.instantinc.us/pdf%20files/Real%20Estate%20Corporate%20Tax%20Organizer.pdf

    Hope it helps

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