THEROUX & NOWELL, LLC

CERTIFIED PUBLIC ACCOUNTANTS

The Tax Nag®  - What information do you need to see your accountant?

SUPPLEMENTAL LIST - Owners of rental property.

1. A complete journal of all gross rental income.
2. A complete, itemized journal of expenditures from your rental activity, including improvements to the subject property.
 
3. A summary of all costs for operating your vehicle(s) used in managing the property, including gasoline, insurance and repairs.  This list should be itemized by vehicle.
 
4. Copy of sale papers for all automobiles, unless prior returns clearly show their original cost.
5. Mileage records for each vehicle, separating business, commuting and personal mileage.
6. Copy of all Forms 1098 or other statements reporting mortgage interest expense and real estate taxes paid.
 
7. For all home offices, unless the cost (basis) of your home is already accurately portrayed on a prior tax return, bring the settlement statement (HUD-1) from the original purchase of your home.  Items 7 through 9 should only be relevant where you own enough units to justify the need for an office to manage your holdings.
 
 
 
8. The square footage of the (exclusively used, except for home child care businesses) business portion of your home, including garages, basements, attics and outbuildings with utility service, as well as the square footage of the entire home, including the same items above.
 
 
9. Totals of cleaning, insurance, maintenance, repairs and utilities for your home for the year (if the home office expense applies).
 
10. For all properties rented, unless the cost (basis) of the property is already accurately portrayed on a prior tax return, bring the settlement statement (HUD-1) from the original purchase of your home.