Use this Rental Income Tax Preparation checklist if you have rental income from real estate or property.
- Address of your rental property.
- Rental period
- Do you have a co-owner of this property? If yes, what is the name and address of the co-owner, and the percentage of ownership?
- Your gross rental income
- Office expense
- Legal and accounting fees
- Management and administration fees
- Maintenance and repairs
- Salaries, wages, and benefits
- Property taxes
- Motor vehicle expenses
- Other expenses
Capital Cost Allowance
- You can claim the capital cost allowance of your rental property to reduce your rental income. However, there are disadvantages you need to know. Contact us to discuss if you should claim it or not.
You can download the Rental Income Tax Preparation Checklist.