Rental Property Tax Filing Checklist

Filing taxes as a landlord doesn’t have to be complicated—if you know what to prepare. This checklist helps you stay organized and file confidently, using IRS guidance without the jargon.

Step 1: Income & Lease Records

Start with the paperwork that proves rental activity and income throughout the year.

• Signed lease agreements and any amendments
• Records of rent received (bank deposits, rental software, or spreadsheets)
• Documentation of deposits and refunds paid to tenants
• Tenant move-in and move-out records for timing accuracy

Step 2: Expense Documentation

Gather receipts and statements for all expenses related to maintaining and operating your rental.

• Mortgage interest statement (Form 1098)
• Property tax bills and payment confirmations
• Utility bills paid on behalf of tenants
• Insurance premiums on rental property
• Repair and maintenance receipts
• Property management, legal, and other service invoices
• Advertising costs for tenant placement

Step 3: Improvements & Depreciation

Capital improvements must be tracked separately from repairs and depreciated over time.

• Records of renovations and upgrades (including cost and date completed)
• Documentation showing allocation between land and building value
• Date the property was placed into service for rental use
• Prior depreciation records or Form 4562 entries

Keep in mind: even if depreciation wasn’t claimed, the IRS expects it to be recaptured when the property is sold.

Step 4: Required Tax Forms

Make sure you’re using the correct IRS forms based on how your rental activity is structured. When rental operations expand, or multiple properties are involved, broader small-business tax coordination may be required to ensure reporting, estimated payments, and entity decisions remain aligned.

• Schedule E to report rental income, expenses, and depreciation
• Form 4562 to claim depreciation.
• Form 1099-NEC for any contractor paid $600 or more (if unincorporated)

Step 5: Year-End Organization

These best practices will streamline your filing and reduce audit risk.

• Use a separate bank account for rental transactions.
• Keep both digital and physical copies of key documents.
• Maintain a mileage log for eligible travel.
• Reconcile income and expense records with year-end summaries.

Optional—but Smart to Save

These aren’t required, but they can support your records if you are ever questioned.

• Photos showing repairs or improvements completed
• Correspondence with tenants about repairs, payments, or disputes
• Warranty details or contractor contracts for larger projects

Partner With a Real Estate Tax Expert

Accolade Accounting helps landlords file smarter, not harder. We’ll guide you through:

• Preparing clean, audit-ready depreciation schedules
• Documenting expenses that qualify as deductions
• Filing all required forms accurately and on time
• Planning for future tax events like property sales or 1031 exchanges

Need help getting started? Let’s build a strategy around how you invest.