mortgage updates
Depreciation is tricky – one reason is that the federal government frequently changes depreciation rules in esoteric ways. For example, they changed the rules to make investing in New York City more appealing after the 9/11 attacks. It may make sense to get some additional help from your tax advisor here.
Around February 1st of the new year, print out a profit and loss report and all of your bank reconciliation reports for the previous year. All of this information will be neatly organized by your property management software. Review the reports carefully and either send them to your tax advisor or enter the information into tax forms yourself. If you send them to your tax advisor, include the actual bank statements as well. He’ll want these records to prove that you recorded all of your financial transactions honestly.
At the same time, make sure your CPA or bookkeeper knows that you’re NOT expecting him to do your Schedule E calculations all by himself. You don’t expect to be charged for all that work, either.
Last point – even though property management software is going to help you with your recordkeeping and calculations, don’t throw out your paper records. You’ll need them if you are ever audited.
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