income tax return Landlords – Property Owners April 15, 2012 is fast approaching:

— Are you buried in paperwork?

— Did you get your bookkeeping by property reconciled?

— Do your reports reflect accurate balances?

If your answer was YES – then you are already on a roll.

If your answer was NO – Well! It is about time you get on with the program, use the QuickBooks program, and enter all your income tax return and expenses for your rental properties. If you need help getting caught up with your bookkeeping, we specialize in bookkeeping for rentals and real estate professionals call us at 866-645-3356.

Here is a quick checklist of what documents you should take along for each of your properties:

Income:

• Rent income received (if your properties are managed by the management company, they should provide you with a 1099 form)
• Other miscellaneous income such as late fees, bounced check fees

Expenses:

• Advertising (signs)
• Mileage to and from the property includes visits to the hardware stores
• Cleaning and maintenance (HVAC, security system)
• Rental Commission
• Insurance
• Legal and other fees (accounting, tax return, bookkeeping)
• Management fees
• Interest paid (Form 1098)
• Repairs
• Supplies
• Taxes
• Utilities (electric, water, sewer)
• Depreciation
• Old appliances or capital improvements if they replaces
• Association fees if any
• Credit check for prospective tenants
• Bank service fees
• Home office expenses

Reports from the management company.

Do you have any suggestions on additional documents, do leave us a comment.

If you have any queries you can contact to experts here.