Landlords, it’s tax season!

Read the blog below:

Anthony Lamacchia:

Landlords, don’t forget it’s tax season. You’ve got to get your income statements ready, your expense statements ready and get them to your accountant. If you own investment properties, then you should be utilizing the tax laws to get the benefits that you can- the best benefits that you can for your tax breaks, but in order to do that, things have to be documented. You have to be able to show what expenses you had at a property in 2018, what your income was, what capital improvements you made to the property, things like that. We put these together for all of our owners every year.

You can see, this is a summary of a rental owner statement. We have the income listed out. We have the expenses listed out in there, management fees that they paid us, water fees, repairs, all the different kinds of things. We even have a detailed sheet that explains absolutely everything. If you’re handling this on your own, you can do it. It’s a lot of work, but you can do it. You need to pull it all together, have it ready and get it to your accountant. The good news is, the Lamacchia Property Management customers, our landlords, they’re not having to do any work because all these were emailed to them by January 20th.

Now, they’re taking them or many of them have already taken them to their accountants. In one or two cases, we had accountants that had questions. We spoke to them directly, cleared it up and our landlords, our customers, were able to stay out of the mix. If you’re a landlord not working with us, then get to it. You need to get these prepared. If you are considering working with us, this is one of the benefits that we provide and I wanted to make sure you’re aware of it. Thanks very much and have a great day.