Rental Property Worksheet

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  • List All Owners on Title

  • Name% Own 
  • MM slash DD slash YYYY
  • Accepted file types: pdf, Max. file size: 50 MB.
  • MM slash DD slash YYYY
  • Accepted file types: pdf, Max. file size: 50 MB.

  • Income

  • Expenses: Show Totals for the Year

  • SpecifyExpense 

  • Capital Additions and Purchases: List each Item

  • ItemExpense 

  • Note 1: Repairs and maintenance is maintaining the property not improving it. This would include lawn maintenance, snow removal, carpet cleaning, painting, and MINOR repairs. It does not include renovations, carpet or floor replacement, or any additions. All renovations or additions that add value to the property must be listed as Capital Expenditures and will add to the purchase cost of the property.

  • Auto Expenses:

    You can deduct motor vehicle expenses in the following circumstances:

    If you own the property - You can deduct reasonable motor vehicle expenses if you meet ALL the following conditions:
    -You do not live in the rental property.
    -You personally do the necessary repairs and maintenance on the property.
    -You have motor vehicle expenses to transport tools and materials to the rental.
    You CANNOT deduct motor vehicle expenses you incur to collect rents.

    If you own two or more rental properties - In addition to the expenses listed above, you can deduct reasonable motor vehicle expenses you incur to do any of the following:
    -Collect rents.
    -Supervise repairs.
    -Generally manage the properties.
    Your rental properties have to be located in at least two different sites away from your principal residence.

    You must also keep records of the kilometers you drove for your rental properties and the total kilometers you drove in the year.
    You must fill out a schedule for EACH vehicle used.

  • Make and Model of VehiclePurchased in the Year (Yes/No)DateAmountSold in the Year (Yes/No)DateAmountIf using vehicle for business first time, value of vehicle @ date first usedKMs driven throughout the whole yearKMs driven for rental useOR % of vehicle used for rental 

  • Expenses for Vehicle: List 100% amounts for the whole year

    Please submit in same order as vehicles above

  • GasInsuranceInterest on Loans (If you own vehicle)Lease Payments (If leasing)License and PlatesParking and TollsRepairs and Maintenance