Prepare for the Extended Tax Season With Your Rental Property: These Forms Make it Easy!

Tax season has been extended this year, but that doesn’t mean that you can just ignore it completely… In the video, we go over a couple of the forms we supply that you will find helpful in preparing for your taxes. We prepare these forms every year for our clients. These documents will make preparing the taxes for your rental property easier and simpler.

1099 Form

In the middle of January each year, we prepare 1099 forms. The 1099 forms allocate all of the rental income that we’ve collected as a property manager to our clients.

The form that you’ll receive is going to have our name and information on it and your name and information on it. Then in the upper box where it says “rents” it’s going to have the total amount of rent that we collected on your behalf. This will be the form that the IRS is going to see when you submit your taxes.

Schedule E

The other form that we make available to you is called a “Schedule E”. This is a form that we have available on your owners portal every day of the year.

Where to Find the Schedule E

This form is available in your Owner Portal. After you log in, click on “Reports” on the left hand side. You will see the form listed under the reports. It is called “IRS Schedule E – For Property Owner’s Tax Preparation“.

Information on the Form

The Schedule E form is set up to always reflect information from the prior year. So now that we are in 2020, when you pull this form up on your portal, it’s going to reflect all the information for 2019.

The schedule E to summarizes all of the different income that has been collected for your rental property. This includes rental income, damages, security deposit forfeits and so on. It will list this income separately with the subtotal. Next, all your expenses will be listed individually. This could include maintenance, management fees, utilities, registration fees and so on.

With the Schedule E, you have all of your income and expenses on one form. This document can be used for your tax preparer or yourself. Use it to fill out the IRS form schedule E.

Questions About Taxes?

We are not accountants, but we can help you find the right answers. If you have any questions about tax time or how to read your tax forms, please reach out to us. You can see other videos of other property management services we offer on Our Services page. Current clients can message us on their portal or give us a call. Future clients can call us at 616-301-9450 or contact us through our website here.

  • Can we add expenses to that schedule E report/form? Expenses that were not recorded with your services, such as travel expenses, etc.

    Reply

    • Hi, Chris! Our Schedule-E report contains all of the transactions that we would have facilitated on your behalf. If you have other expenses that you incurred outside of our scope you can simply add those dollar amounts to the amount reported on our Schedule E report when you complete your tax returns.

      Reply

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    1099, rental property taxes, schedule e, Taxes


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    Aaron Treloar

    About the author

    Aaron has over 13 years experience in property management. With a focus on accounting and the “numbers” aspect of real estate, he loves to see a good investment succeed. He also enjoys talking to new investors and helping them overcome hurdles to their success.

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