Your Guide To

2018 TAX SEASON

exclusive to Landlord clients of RSB Property Management

That’s right ... it’s time to file your 2018taxes.  We've already mailed form1099 outlining GROSS RENT collected on your property in 2018. This form is required by the IRS. We'll also email a copy of your 2018 Owner Statement providing a detailed, monthly account of the income and expenses for your property as managed through our escrow account. You’ll want to share this form with your accountant or tax preparer. This information is emailed to you in electronic format on/before February 15th, 2019

What the IRS Wants To See

Paying taxes on a rental property requires filing a 1040 form and preparing a Schedule E to list the property address, detailing the income from the property (gross rental income) and detailing money put into the property (expense deductions). You can find downloadable versions of these forms here and a list of common deductions here

Gross Rental Income

You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use or occupation of property.

Expense Deductions

Expenses of renting the property can be deducted from your gross rental income. You generally deduct your rental expenses in the year you pay them. Publication 527, Residential Rental Property on the IRS website includes information on the expenses you can deduct if you rent a condominium or cooperative apartment, if you rent part of your property, or if you change your property to rental use.

What We Provide

We provide a monthly account of the GROSS RENT and EXPENSES paid on your behalf from your escrow funds and collected rent.

Expenses include set up fees, tenant placement fees, monthly management fees and repairs/improvement expenses.

Important Note:  We only include expenses paid by us on your behalf. We DO NOT include expenses that you paid for directly.  This means you may have additional expenses NOT INCLUDED as a line item on the ledger we provide. Please be sure to include expenses paid for you directly. We always recommend seeking professional advice related to expense deductions and depreciation.

What Next?