Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$39.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

36
Posts
28
Votes
Elvin William
28
Votes |
36
Posts

Form to fill fixing rental property to rent out

Elvin William
Posted

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 

User Stats

1,475
Posts
814
Votes
Adam Bartomeo
Property Manager
Pro Member
#2 General Landlording & Rental Properties Contributor
  • Real Estate Broker
  • Cape Coral, FL
814
Votes |
1,475
Posts
Adam Bartomeo
Property Manager
Pro Member
#2 General Landlording & Rental Properties Contributor
  • Real Estate Broker
  • Cape Coral, FL
Replied

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.

User Stats

7,921
Posts
4,472
Votes
Drew Sygit
Property Manager
Agent
#2 Classifieds Contributor
  • Property Manager
  • Royal Oak, MI
4,472
Votes |
7,921
Posts
Drew Sygit
Property Manager
Agent
#2 Classifieds Contributor
  • Property Manager
  • Royal Oak, MI
Replied

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.

BiggerPockets logo
BiggerPockets
|
Sponsored
Find an investor-friendly agent in your market TODAY Get matched with our network of trusted, local, investor friendly agents in under 2 minutes

User Stats

4,935
Posts
5,634
Votes
Michael Plaks
Pro Member
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
5,634
Votes |
4,935
Posts
Michael Plaks
Pro Member
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
Replied
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.

User Stats

19
Posts
26
Votes
Phillip Dakhnovets
  • Property Manager
  • Toledo, OH
26
Votes |
19
Posts
Phillip Dakhnovets
  • Property Manager
  • Toledo, OH
Replied

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 

User Stats

1,223
Posts
536
Votes
Zachary Jensen
Tax & Financial Services
#2 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • San Diego, CA
536
Votes |
1,223
Posts
Zachary Jensen
Tax & Financial Services
#2 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • San Diego, CA
Replied
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 

User Stats

1,355
Posts
627
Votes
Jason Malabute#5 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Los Angeles, CA
627
Votes |
1,355
Posts
Jason Malabute#5 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Los Angeles, CA
Replied

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?