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A Brief Guide to Landlord Tax Documents

A Brief Guide to Landlord Tax Documents

Did you know that 56% of Americans have a negative reaction to doing their income taxes? If you own rental property, you have to worry about more than your personal income, making things more stressful.

What landlord tax documents do you need to file rental property taxes? Keep reading to find out.

Schedule E (Form 1040)

Schedule E (Form 1040) is for those that need to report a rental property whose title is in their own name. This is one of the most common landlord tax documents.

LLCs owned by a single person, sole proprietorship and co-ownership rentals will all use this form.

The form is used to report property-related income and expenses. Add profits obtained to your total personal income and see if your loss can be deducted.

There are exceptions to these rules, so it's important to work with a rental property management company that knows the ins and outs of rental property taxation.

Form 8825

If your rental property is owned by a business entity, you'll fill out IRS form 8825. This includes LLCs with two or more members, limited partnerships, S Corps, and partnerships.

S Corps will need to fill out these additional tax documents:

  • Form 1120S
  • Schedule E + Form 1040

Partnerships will also need to submit additional tax documents:

  • Schedule K-1
  • Form 1065
  • Schedule E + Form 1040

The tax forms you will need to complete to file rental taxes will depend on your entity type.

Reducing Your Tax Burden

Las Vegas tax documents for rental properties are pretty straightforward. In many cases, you can reduce your tax burden by ensuring accurate rental income and expenses.

Here's what you can do to reduce your rental tax burden as a landlord:

Basic Tax Deductions

When you file landlord taxes, you need to grab every straight tax deduction possible. To reduce the tax burden, claim the deductions from this list that relate to your expenses:

  • Property tax
  • Insurance
  • Maintenance costs
  • Interest
  • Advertising expenses

This is a short list of common deductions you can benefit from. You can also try to get more complex deductions like depreciation.

Qualified Business Income Deduction

If your property is owned by a business entity, such as partnerships or S Corps, you can utilize the Qualified Business Income (QBI) deduction.

This allows landlords to deduct up to 20%, with a $163,000 cap, of pass-through business income. Pass-through income refers to income generated from a pass-through entity.

Married taxpayers can deduct up to $326,000. You'll be able to claim a partial deduction, too, if your pass-through income is over the limit.

Landlord Tax Documents You'll Need

Landlord tax documents in Las Vegas, Nevada depend on the business entity. If you own your own rental properties, you won't have as many documents to fill out.

If your properties are owned by another business entity, the IRS requires that you fill out additional tax documents.

Don't want to worry about rental property tax filing? You don't have to! Rental property management teams can handle this task, among others, for you.

Contact us today to learn more about our services.