Rental Property Schedules

Rental property tax preparation involves reporting income and expenses from residential and commercial rental properties. This service supports landlords, property owners, and real estate investors who need to report rental income on their personal or business tax returns. We prepare Schedule E for personal returns or incorporate rental activity into business returns for professional landlords.

The process begins with gathering rental income records, expense documentation, and property information. We review lease agreements, rent rolls, and utility records to calculate gross rental income. We organize and categorize expenses including repairs, maintenance, property management fees, insurance, property taxes, and depreciation. We calculate depreciation using the correct method based on property type and acquisition date.

We prepare the rental schedules showing income, expenses, and net profit or loss from each property. For personal returns, this appears on Schedule E. For business returns, rental activity may be included in Schedule C or as part of partnership income. We also handle passive loss limitations and rental loss restrictions that apply to higher income taxpayers.

Typical documents include lease agreements, rent payment records, utility bills, repair invoices, insurance statements, property tax bills, mortgage interest statements, and depreciation schedules from prior years. We provide organized expense summaries and depreciation calculations for each property. This service helps property owners in Boston, MA properly report rental income and maximize legitimate deductions.