What docs does my accountant need for rental real estate at tax time?

It will be my first time claiming my home as rental real estate when I do my 2009 taxes. I will be using Schedule E. I know I need to bring records of expenses and also what I’ve profited from rent, but what other documents do I need to have ready for the accountant?

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4 Responses to “What docs does my accountant need for rental real estate at tax time?”

  1. v b said:

    Your cost basis in the home.
    Your tax appraisal statement if you don’t know what you paid for the land.
    If the property values have dropped since you bought the home, the value of the house at the time you converted it to rental property.
    The date you converted it to rental property.

  2. Doctor Deth said:

    mortgage statements showing mortgage int for the year, property tax receipts if separate from mtg stmt, receipts for any expenses on the property, a record of rent received

  3. chatsplas said:

    READ up on schedule E instructions at http://www.irs.gov.
    Purchase price and adjustments to basis.
    Need rent roll, and expenses by category (schedule E).
    Need to differentiate between repairs and maintenance and Improvements. Need mileage log. Need real estate tax bills and mortgage statements.

  4. God answers all questions said:

    “Can a blind man lead a blind man? Will they not both fall into a pit? A disciple is not above his teacher, but everyone when he is fully trained will be like his teacher. Why do you see the speck that is in your brother’s eye, but do not notice the log that is in your own eye? How can you say to your brother, ‘Brother, let me take out the speck that is in your eye,’ when you yourself do not see the log that is in your own eye? You hypocrite, first take the log out of your own eye, and then you will see clearly to take out the speck that is in your brother’s eye.




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