How to work with rental property taxes

Managing rental properties comes with tax responsibilities, including tracking rental income, deducting expenses, and preparing tax reports. You can use Rental Property features to organize financial records and simplify tax filing.

Track rental income and expenses

To ensure accurate tax reporting, record all rental-related transactions in Rent Center or your rental property accounts.

1. Record rent payments – Enter rental income as it is received.

2. Track expenses – Categorize deductible expenses such as maintenance, property taxes, insurance, and mortgage interest.

3. Assign tax categories – Use IRS tax categories to make tax preparation easier.

Generate tax reports

You can create reports to summarize rental income and deductible expenses.

1. Go to the Reports tab.

2. Select Tax Reports.

3. Choose one of the following:

   • Schedule E Report – Summarizes rental income and expenses by property.

   • Tax Summary Report – Provides an overview of all tax-related transactions.

   • Tax Schedule Report – Lists categorized transactions that correspond to IRS tax forms.

4. Customize the report by selecting a date range or filtering by property.

5. Select Generate Report.

Export tax data

To share tax information with your accountant or tax software, you can export reports.

1. Open the tax report you want to export.

2. Select Export and choose a format (CSV or PDF).

3. Save the file or print it for your records.

Additional considerations

• If you use tax software, check whether you can import data directly.

• Keep records of repairs and improvements separately, as some expenses may need to be reported differently.

• Consult a tax professional for guidance on deductions and reporting requirements.

• For information on estimated taxes see How do I track tax payments?

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