The Schedule E (Form 1040)
Like it or not, the tax season is here. And the best way to alleviate stress is to be prepared for it.
Since keeping accurate records of all expenses related to your property management business is essential, the first step is to stay organized and on top of your finances throughout the whole year.
By utilizing the TenantCloud Tax Preparation Report, you can make the process of filing taxes much easier and stress-free.
Here’s how it works:
All you need to do is select Tax Preparation from the Reports menu, choose the date range, the property data, and accounting type (either accrual or cash). The system will automatically do all the calculations for you. Because TenantCloud has categorized all your expenses to match the IRS Schedule E categories, running the report is all you need to do.
(Note: The report doesn’t include liabilities.)
By selecting the Schedule E toggle button in the Expense Section Format, the system associates general categories with IRS Schedule E categories.
The Schedule E (Form 1040) is used in the US to report income or loss from rental real estate. When the Schedule E option is enabled in the Tax Preparation report, the Expense section of the report is configured.
Once the fields have been filled out, you can download the report in a pdf and/or excel format- whichever works best for you. You will be able to generate a report for every individual property or all the properties you manage.
You’ll have all the necessary documents you need to quickly prepare your taxes- no accountant necessary!
Links you may need:
Tax Preparation Report
How to add an expense invoice?