Form to fill fixing rental property to rent out

Toledo, Ohio
Tax, SDIRAs & Cost Segregation
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Form to fill fixing rental property to rent out

Elvin William
Member since 2021 · 42 posts · 33 votes

Hello, is there a form to fill out if I'm fixing my property once it's vacant and making it rent ready? Do the property management fill form up or do I? Where do I get the form at and what's the number or name of the form? My tax guy need it for filing my taxes next year. I'm fixing two properties this year. Thanks 

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Adam BartomeoBusiness Member
Real Estate Broker · Cape Coral, FL · Member since 2015 · 2k+ posts · 1k+ votes
2y

This all sounds strange... You should get a 1099 at the end of the year from your PM and most owners also request a cashflow statement. That is all your accountant should need from the PM.

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  • Adam BartomeoBusiness Member
    Real Estate Broker · Cape Coral, FL · Member since 2015 · 2k+ posts · 1k+ votes
    2y

    This all sounds strange... You should get a 1099 at the end of the year from your PM and most owners also request a cashflow statement. That is all your accountant should need from the PM.

    [email protected]239-339-3969
    Bartomeo Property Management4.7161 Reviews
    WebsiteView Page
    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
    2y

    You will need to contact the city Building Dept to ask if there are any city coded you must follow.

    Or, hire a qualified Property Management Company.

    [email protected]248-209-6824
    Logical Property Management4.9465 Reviews
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  • Michael PlaksPro Member
    Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
    2y
    Quote from @Elvin William:

    Hello, is there a form to fill out if I'm fixing my property once it's vacant and making it rent ready? Do the property management fill form up or do I? Where do I get the form at and what's the number or name of the form? My tax guy need it for filing my taxes next year. I'm fixing two properties this year. Thanks 

    This is a strange question to me. First, if you have a tax guy, he should answer these questions and not us.

    Second, it is unclear who is managing the repairs - you or your property manager. If it's done by your PM, then they should provide a report detailing the repairs. It's not any specific form, it's the regular monthly/annual report from your PM.

    If you're self-managing this project, then you need to give your tax guy a detailed list of your expenses. Or maybe he has a special form or organizer that he will want you to complete. Only he can clarify what he will need.
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  • Phillip Dakhnovets
    Property Manager · Toledo, OH · Member since 2016 · 19 posts · 26 votes
    2y

    Hi Elvis,

    You will need to fill out a construction permit if you are doing a major renovation, which requires an inspection from the city to ensure the code is followed. However, if you are doing cosmetic renovations (paint, cabinets, countertops, etc.), you do not need any forms—just keep track of your spending to share with your tax advisor at the end of the year.

    The best way I’ve found to keep track of expenses is through a credit/debit card that is dedicated ONLY to your business. Sometimes, you can find and qualify for a 0% interest rate credit card for the first 12-18 months. I LOVE these deals because you will essentially get a free loan for that duration to complete your renovations.

    Best of luck with your two projects this year, and reach out if you want to discuss more details.

    Phillip Dakhnovets

    Guardian Property Management & Maintenance

    Hi Elvis, you will need to fill out a constrcution permit if you are doing a major renovation, which requires a inspection from the city to ensure the code is followed. However, if you are doing cosmetic renovations (paint, floors, countertops, etc) you do not need any forms...just keep track of your spend to share with your tax guy at the end of the year. 

    The best way I learned to keep track of expenses is through a credit/debit card that is dedicated ONLY to your business. Sometime you can find and qualify for a 0% interest rate card for the first 12-18 months. I LOVE these deals, because you will essentially get a free loan for that duration to complete your renovations. 

    Best of luck with your 2 projects this year and reach out if you want to chat more details. 

    Phillip Dakhnovets

    Guardian Property Management & Maintenance 

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  • Account Closed
    Accountant · San Diego, CA · Member since 2019 · 1k+ posts · 552 votes
    2y
    Quote from @Elvin William:

    Hello, is there a form to fill out if I'm fixing my property once it's vacant and making it rent ready? Do the property management fill form up or do I? Where do I get the form at and what's the number or name of the form? My tax guy need it for filing my taxes next year. I'm fixing two properties this year. Thanks 


     Are you talking about finding the date when the property was placed in service? if that is the case there is no form for that 

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  • Jason MalabuteBusiness Member
    Accountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 916 votes
    2y

    I’m not entirely sure I understand the question, but it sounds like you’re asking if you need a tax form from the property management company for the work you did on the property. If you performed work and got paid more than $600, then yes, you should receive a 1099 form from them after December for that tax year. But why would you pay yourself for work you did on your property?

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