Schedule E Checklist for Investment Property Owners

Use this list to organize your rental property records before filing taxes. This applies whether you own a single rental or manage multiple units.

Property Information

• Property address(es) should be included in your Schedule E checklist to ensure all essential details are covered.

• Ownership percentage (if shared ownership)

• Rental start and end dates (if partial year)

• Number of days rented and days used personally

Rental Income

• Gross rents collected (monthly or total)

• Refunds of security deposits kept

• Late fees, pet fees, or application fees collected

• Laundry, parking, or other services income

• 1099-K forms (from platforms like Airbnb, if applicable)

Common Deductible Expenses

• Mortgage interest (Form 1098)

• Property taxes

• Homeowners/landlord insurance

• Utilities (electric, gas, water, trash, sewer, internet)

• Property management fees

• Leasing or advertising costs

• Maintenance and repairs

• Supplies (e.g., paint, tools, smoke detectors)

• HOA fees

• Pest control

• Legal/accounting/bookkeeping fees

• Bank service charges

• Mileage or travel (site visits, hardware store runs)

• Depreciation schedule (from previous year’s return)

• Capital improvements (kept separately from repairs)

Documents to Gather

• Year-end bank statements

• Invoices or receipts for all expenses

• Closing documents (if bought or sold a property)

• 1098 mortgage statement

• Prior year tax return (if continuing depreciation)

If You Use QuickBooks or Another Software

• Year-end Profit and Loss by property (class/location)

• General ledger report

• Expense detail (categorized and matched with receipts)

Pro Tips

• Keep separate bank accounts for each property

• Track mileage in an app (like MileIQ or QBO’s built-in tracker)

• Use Classes in QuickBooks to separate properties

• Review your depreciation schedule annually with your tax pro