KLOMARK
RENTAL PROPERTY TAX PREPARATION
(SCHEDULE E) - NATIONWIDE
If you own a rental property, your tax return typically requires Schedule E to report rental income and expenses. Klomark Accounting helps landlords nationwide file accurately, categorize expenses correctly, and avoid common reporting errors—through a secure, fully remote process.
Who This Is For
✅ This service is a good fit if you:
-
Own a long-term rental property (single family, multi-unit, condo, etc.)
-
Have one or multiple rental properties
-
Collected rent and paid repairs, maintenance, utilities, HOA fees, or management fees
-
Need help organizing rental expenses and documentation
-
Unsure how to treat repairs vs. improvements or depreciation (when applicable)
What’s Included
📌 Rental tax preparation typically includes:
-
Schedule E rental income and expense reporting
-
Review of rental expense categories for accurate reporting
-
Identification of common missing items (HOA, insurance, property taxes, management fees)
-
Guidance on repairs vs. improvements (when the distinction matters)
-
Federal + state preparation and e-file after approval
-
Clear follow-ups to ensure the return is complete and consistent
How the Remote Process Works
🧾 Our remote process is designed to be simple and consistent:
-
Intake
Complete a short intake so we understand what changed this year. -
Secure Document Upload
Upload your tax forms and supporting documents securely. -
Review & Clarifying Questions
We identify missing items and ask only what’s needed to file accurately. -
Preparation & Client Review
We prepare the return and send it for your review before filing. -
Approval & E-file
After approval and authorization, we e-file and deliver your final copy.
Document Checklist (What to Upload)
📂 Common documents include:
Income
-
Total rent received for the year (ledger, statements, or property manager summary)
-
Form 1099s received (if any)
Expenses / Records (any one of the following)
-
Profit & Loss (P&L) statement for the rental (preferred)
-
Property manager year-end statement
-
Spreadsheet summary of rental expenses
-
Bank/credit card statements dedicated to the rental
Property Setup (if first year or newly placed in service)
-
Property address
-
Date placed in service as a rental
-
Purchase/closing statement (if available)
-
Major improvements list (if any)
Property Setup (if first year or newly placed in service)
-
Mortgage interest (Form 1098)
-
Property tax bills
-
Insurance statements
-
HOA statements
Common Rental Property Expenses (Examples)
🛡️ Depending on your situation, rental expenses may include:
-
Property management fees
-
Repairs and maintenance
-
Utilities paid by the owner
-
HOA dues and condo fees
-
Property insurance
-
Property taxes
-
Mortgage interest (as applicable)
-
Advertising, leasing, or tenant screening costs
-
Supplies and travel/mileage related to the rental (when applicable)
Note: Depreciation - Most rental properties require depreciation to be handled correctly over time. If this is your first year renting the property—or you placed it in service recently—accurate setup matters. We’ll request the key details needed to report it appropriately.
Transparent Pricing (Scope-Based)
💲 Transparent pricing logic is primarily driven by:
-
Type of return (individual vs. business)
-
Number of tax forms and schedules required (e.g., Schedule C, Schedule E, capital gains)
-
Investment activity and reporting complexity (1099-B, cost basis, multiple brokerages)
-
Rental property activity (income/expense categories, depreciation, multiple properties)
-
Number of state returns and nonresident filings
-
Quality and completeness of records provided (organized documents reduce time and cost)
FAQs
Do I need Schedule E for a rental property?
In most cases, yes. Rental income and expenses are typically reported on Schedule E.
What if I have multiple rental properties?
We can handle multiple properties. Additional properties and more complex activity can affect pricing.
Repairs vs. improvements — does it matter?
Sometimes. The distinction can affect how costs are treated on the return. We’ll ask questions when needed.
Do you work with out-of-state rental properties?
Yes. Multi-state activity may require additional state filings depending on your situation.
Can you help if my records aren’t organized?
Yes. We can work from statements or summaries, but organized records reduce time and cost.
READY TO FILE REMOTELY?
Contact Klomark Accounting to request a quote or begin the remote intake process.