Property documentation review
We review rental agreements, property records, acquisition documents, and expense records. We ensure all necessary documentation is available for accurate reporting.
Tax services
Rental property tax preparation for Queens landlords
Schedule E reporting, depreciation calculations, and passive loss limitation analysis with Queens market expertise.
- Schedule E preparation with expense categorization
- Depreciation calculations and basis tracking
- Passive loss limitation analysis and planning
Tell us about your needs
Service overview
How we help with rental property schedules
We prepare Schedule E for rental properties, calculating gross income, operating expenses, and depreciation deductions. Our CPAs review rental agreements, expense records, and property improvements to ensure accurate reporting. We handle multiple properties, mixed-use buildings, and complex scenarios like 1031 exchanges or property dispositions.
Depreciation calculations use proper methods and conventions based on property type and acquisition date. We track basis adjustments, calculate Section 179 deductions when applicable, and ensure proper depreciation recapture reporting upon sale. We maintain detailed records for audit support and coordinate with property managers for accurate expense allocation.
Passive loss limitation analysis determines how much rental loss can offset other income. We calculate passive income and losses, apply the $25,000 offset rules for active participants, and ensure proper grouping of activities. We also coordinate with other passive investments to maximize tax benefits.
We review local Queens rental market conditions and ensure compliance with New York State rental reporting requirements. We handle NYC-specific rental income reporting and coordinate with local property tax assessments for accurate basis calculations.
What's included
Comprehensive rental property schedules service
- Complete Schedule E preparation for rental properties
- Gross rental income calculation and reporting
- Operating expense categorization and documentation
- Depreciation calculations using MACRS or straight-line methods
- Section 179 deduction evaluation for qualified improvements
- Passive activity loss limitation analysis
- Real estate professional status evaluation
- Property basis tracking and adjustments
- Depreciation recapture calculations upon sale
- Mixed-use property expense allocation
- Vacancy loss calculations and reporting
- Local tax assessment coordination
- Property management fee documentation
- Repair versus improvement distinction analysis
- 1031 exchange coordination when applicable
- Multi-property portfolio reporting
- Documented workpapers for all Schedule E calculations
Common situations
Who benefits from rental property schedules
- Queens landlords with single-family rental properties
- Property owners with multi-unit apartment buildings
- Investors with vacation rental properties or Airbnbs
- Landlords with mixed-use commercial and residential buildings
- Property owners undergoing renovations or capital improvements
- Investors selling rental properties and needing depreciation recapture calculations
- Landlords with passive rental activities limited by passive loss rules
- Queens property owners with Section 8 or subsidized housing
- Real estate investors with out-of-state rental properties
- Property managers needing coordination for multiple owner reporting
Our process
How we handle your rental property schedules
Income and expense analysis
We calculate gross rental income, categorize all operating expenses, and identify repairs versus improvements. We ensure proper allocation for mixed-use properties.
Depreciation calculation
We calculate depreciation using the correct method and convention based on property type and acquisition date. We track accumulated depreciation and basis adjustments.
Passive loss evaluation
We evaluate passive activity limitations, real estate professional status, and the ability to deduct losses against other income. We group activities appropriately.
Schedule E preparation
We prepare Schedule E with all required information, ensure accurate calculations, and coordinate with your individual tax return.
Review and filing support
We provide a summary of rental income and losses, answer questions about depreciation, and remain available for IRS inquiries about rental reporting.
Queens expertise
Local knowledge for Queens taxpayers
- We understand Queens rental market conditions and local expense norms
- We coordinate with Queens property tax assessments for accurate basis calculations
- We handle NYC Department of Finance rental registration requirements
- We understand local landlord-tenant laws affecting expense deductions
- We coordinate with Queens-based property managers and accountants
- We handle New York City unincorporated business tax for rental activities
- We ensure compliance with New York State rental property reporting rules
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Frequently asked questions
Answers for Queens, NY taxpayers
How do you calculate depreciation for Queens rental properties?
We use MACRS depreciation for properties placed in service after 1986, typically 27.5 years for residential or 39 years for commercial. We apply the correct convention (half-year, mid-quarter, or mid-month) based on when the property was placed in service.
Can I deduct rental losses against my other income in Queens, NY?
It depends on your situation. Active participants can deduct up to $25,000 of rental losses against other income. Real estate professionals can deduct all losses. Otherwise, losses are passive and may be limited or carried forward.
How do you handle repairs versus improvements for Queens properties?
Repairs that maintain property condition are deductible in the year incurred. Improvements that add value or extend useful life must be capitalized and depreciated. We review each expense and provide documentation supporting our classification.
Do I need to report rental income from Queens properties?
Yes. All rental income must be reported on Schedule E, even if you receive 1099 forms from property managers. We ensure all income sources are captured and properly reported.
How do you handle vacancy losses for Queens rental properties?
Vacancy losses are deductible as ordinary losses on Schedule E. We calculate the loss based on actual vacancy periods and ensure proper documentation. Rental losses can offset other income subject to passive loss limitations.
Ready to get started with Queens tax preparation?
Connect with a CPA who understands Queens tax requirements. We prepare and file your returns with accuracy and care.