Every year, tax season comes very quickly. However, if you get a jump on things now, tax season will go a lot smoother come April. The best place to start is to collect all of your tax documentation. Here is a full checklist of everything you need:

Income Records (Schedule E)

  • Year-to-date rent by portfolio and residence (include concessions or abatements).
  • Other income: Late fees, pet fees, parking, storage, laundry, lease-break fees, occupant-paid repairs.
  • Bank and platform statements and Form 1099-K or monthly payout reports for electronic payments.

Bank And Lease Documentation

  • Monthly bank and credit card statements for rental accounts.
  • Copies of all signed leases, renewals, and addenda.
  • Security-deposit ledger showing receipts, interest, and dispositions.

Expense Support

  • Mortgage interest (Form 1098), asset taxes, insurance, and HOA dues.
  • Utilities you pay: Water, sewer, gas, electric, trash, and internet.
  • Repairs & maintenance: Invoices, receipts, work orders, and photos.
  • Professional fees: Legal, accounting, and rental management.
  • Marketing and Leasing: Listings, signage, screening, and background checks.
  • Supplies and small tools under the de minimis threshold.
  • Travel and mileage logs for site visits, showings, or maintenance.
  • Education, training, or subscriptions related to your rental business.

Capital Assets And Depreciation

  • Closing statements for any purchases or sales this year.
  • Invoices + placed-in-service dates for appliances, roofs, HVAC, or renovations.
  • Cost breakdowns separating land from building (note betterments vs. repairs).
  • Prior-year depreciation schedules and new additions for MACRS updates.
  • Records of basis adjustments and prior depreciation for any investment sold.

Repairs Vs. Improvements Elections

  • De minimis safe-harbor policy amount ($2,500 / $5,000 with AFS) + supporting invoices.
  • Safe Harbor for Small Taxpayers worksheet: building basis, 2% cap or $10k limit.
  • Copies of annual election statements to attach to your return.

Vendor Compliance (1099 Filings)

  • W-9s for each contractor, cleaner, landscaper, or rental manager.
  • Total paid to each vendor for Form 1099-NEC for $600 + services.
  • File and furnish by January 31 (IRS e-file for 1099-MISC by March 31).

Entity And Ownership Items

  • Current operating agreement or ownership schedule.
  • Partner/member distributions, draws, and capital contributions.
  • Intercompany agreements if using a related management company.

Insurance And Compliance

  • Active policy declarations for rental, liability, flood, and umbrella.
  • Current rental licenses, inspection reports, and any open code items.

Year-End Planning And Organization

As the year comes to a close, take the time to get your rental portfolio in order. Schedule any deductible repairs you want to complete before December 31. Then review rents, vacancies, and concessions to plan for next quarter's cash flow. Also, check your rental tax due dates, appeal deadlines, and insurance renewals so nothing slips through the cracks. Finally, organize your records for your tax professional. Create one PDF per rental with income, expenses, leases, and depreciation updates, plus a quick note on anything unusual, like claims or renter buyouts.

Need help getting organized for tax season? Occupancy Solutions has your back. For over 30 years, we've helped rental owners start the new year prepared, organized, and ahead of the game.