Agents and Brokers
Bookkeeping and tax planning for commissions, marketing, licensing, vehicle expenses, contractor payments, and estimated taxes.
Track each activity clearly and plan before transactions close.
Real estate tax reporting can involve commissions, rental income, improvements, financing, depreciation, property sales, and passive-activity limitations. Organized records help distinguish each property and business activity and support timely planning.
Rental Property Accounting
Property-level income and expense tracking, loan activity, security deposits, repairs, improvements, and owner contributions.
Depreciation Support
Maintain cost and improvement records and coordinate depreciation treatment with the tax return and supporting schedules.
Entity and Partnership Reporting
Accounting and tax support for LLCs and partnerships holding or operating real estate, including owner and partner activity.
Transaction Planning
Review the potential tax effects of purchases, sales, conversions, and major improvements before decisions are final.
Multi-Property Reporting
Separate reporting by property or activity so owners can evaluate performance and prepare accurate tax information.
Better records
Keep tax basis and property activity organized.
Closing statements, improvement invoices, loan statements, leases, management reports, and records of personal use can affect reporting. We build a process that preserves those details rather than reconstructing them years later.
Rental income and expenses, depreciation, at-risk rules, and passive-activity limitations can interact. The answer depends on how the property is used and the owner’s participation and other activities.
Frequently asked questions
Real estate accounting and tax questions
Should every rental property have separate bookkeeping?
Separate property-level tracking is generally helpful even when multiple properties share an entity or bank account. It supports tax reporting, basis records, and performance analysis.
Are repairs and improvements treated the same for tax purposes?
Not always. A repair may be currently deductible while an improvement may need to be capitalized and depreciated. The facts, invoices, and nature of the work determine the treatment.
Can rental losses always offset wages or business income?
No. Rental activities are generally passive unless an exception applies, and at-risk and passive-activity rules may limit current deductions. The result depends on participation, income, and other facts.
What records should I keep when purchasing a property?
Keep the complete closing statement, purchase agreement, financing documents, inspection and settlement costs, and invoices for work performed before the property was placed in service.
Can you help before I sell or exchange a property?
Yes. Early planning can help identify basis records, depreciation, suspended losses, and questions requiring a qualified intermediary or attorney. Planning should occur before binding documents or closing.
Organize every property
Bring tax planning into the decision process.
Schedule a consultation for real estate accounting, bookkeeping, and tax support.
Official resources
See the IRS guidance on residential rental property and passive-activity and at-risk rules.
View all industries we serve or review our tax-planning services.
This page provides general tax and accounting information. Recommendations depend on each taxpayer’s circumstances.