Tax Guides · Checklist
Rental property income and expense checklist
Every number we need to report a rental property on your 2026 return, in one list. Fill in one sheet per property, then upload it through the client portal or leave it in our secure drop-off box in Oakland.
Checklist
What to gather.
The PDF has a blank next to each item for the amount. Not sure where something goes? Write it under Other and we will sort it out.
The property
- Days rented at a fair rent (days)
- Days used by you or family, or rented below market (days)
- Your ownership share, if you own it with someone other than your spouse (%)
- Closing statement, if you bought the property in 2026
Income
- Rents received
- Advance rent collected for 2027
- Security deposits you kept
- Late fees, pet fees and other charges
- Bills a tenant paid for you in place of rent
- 1099-MISC or 1099-K for rents (send the form)
Improvements and purchases
- Roof, HVAC, kitchen or bath remodels, additions, appliances, flooring and furniture: date, description and cost
- Points paid on a purchase or refinance
Sold or stopped renting
- Closing statement for the sale
- Date you stopped renting or moved in
Expenses
- Advertising and listing fees
- Cleaning and maintenance
- Leasing commissions
- Insurance: landlord, flood, umbrella
- Legal and professional fees
- Management fees
- Mortgage interest (send the 1098)
- Other interest
- Repairs
- Supplies
- Property taxes
- Utilities you paid
- HOA or condo fees
- Landscaping, snow removal, pest control
- Miles driven for the rental (miles)
- Other expenses
Contractors
- Anyone you paid $2,000 or more: name, address, tax ID
Common questions
Common questions.
Is a new roof a repair or an improvement?
An improvement. A new roof, a new furnace or a kitchen remodel is depreciated over 27.5 years for a residential rental. A repair that keeps the property working, like fixing a leak, patching drywall or replacing a broken window, is deducted in the year you pay it. Smaller items of $2,500 or less per invoice can often be deducted right away. List both and we will sort them out.
Can I deduct a rental loss against my other income?
Sometimes. If you actively manage the property and your modified AGI is $100,000 or less, you can deduct up to $25,000 of rental losses on your federal return. The allowance phases out between $100,000 and $150,000. Losses you cannot use carry forward. New Jersey is stricter: a rental loss only offsets other rental income and does not carry forward.
What if I rented the property for fewer than 15 days?
The rent is not taxable and the rental expenses are not deductible. Mortgage interest and property taxes can still go on Schedule A if you itemize.
Want us to prepare it?
New clients start with a free consultation. Existing clients can upload the checklist through the client portal.