Trusts and Estates
Fiduciary filings with care for beneficiaries and trustees in Brooklyn.
Rental Property Schedules
Rental property accounting with Brooklyn market insight
Track depreciation, capital improvements, and tenant deposits with records that stand up to audits.
- Detailed Schedule E worksheets per property
- Capital improvement tracking with disposition planning
- Support for New York City registration filings
What you get
- Complete Schedule E preparation for all rental properties
- Digital asset register maintenance for each property
- Depreciation schedule tracking and calculations
- Capital improvement tracking separate from repairs
- Operating expense categorization and documentation
- +9 more included items
Simple process
1Property documentation and basis tracking
2Income and expense gathering
3Expense categorization
+4 more steps
Brooklyn-based CPA
Secure document exchange, same-day acknowledgement, and direct access to your tax preparer.
Comprehensive tax preparation for Brooklyn residents
We maintain a digital asset register for each property, capturing cost basis, improvements, and depreciation methods. Our CPAs track every rental property separately with detailed records of purchase price, closing costs, improvements, and depreciation. We maintain depreciation schedules showing original cost, depreciation method, useful life, and accumulated depreciation. We track capital improvements separately from repairs and ensure proper tax treatment. We also coordinate with property managers to ensure all income and expenses are properly documented.
Operating expenses are categorised by unit and property, with documentation stored for easy retrieval. We categorize all expenses including repairs, maintenance, insurance, property taxes, management fees, legal fees, and other operating expenses. We ensure expenses are properly documented with receipts and invoices. We also track tenant deposits and ensure proper handling of security deposits. We coordinate with property managers to ensure all income and expenses are properly tracked.
We coordinate with local law requirements such as NYC annual registration and rent stabilisation reporting when applicable. We ensure compliance with NYC Department of Finance requirements for rental property registration. We coordinate rent stabilization reporting and ensure proper documentation. We also handle NYC property tax issues and ensure proper coordination with rental property deductions.
We prepare comprehensive Schedule E worksheets showing all income and expenses for each property. We calculate depreciation, track passive activity losses, and ensure proper basis tracking. We also coordinate with your individual tax return to ensure rental income is properly reported. We provide detailed summaries showing rental income, expenses, and net income or loss for each property.
What's included
- Complete Schedule E preparation for all rental properties
- Digital asset register maintenance for each property
- Depreciation schedule tracking and calculations
- Capital improvement tracking separate from repairs
- Operating expense categorization and documentation
- Tenant deposit tracking and security deposit handling
- NYC Department of Finance rental property registration coordination
- Rent stabilization reporting coordination when applicable
- Passive activity loss tracking and limitation analysis
- Property-specific income and expense summaries
- Coordination with property managers on income and expense tracking
- NYC property tax coordination and deduction optimization
- Secure archive of all rental property documents and records
- Post-filing support for agency notices and audit questions
Typical scenarios we handle
- Brooklyn property owners with single or multiple rental units who need Schedule E preparation
- Landlords with rent-stabilized units who need special reporting and compliance
- Property owners who made capital improvements and need depreciation tracking
- Investors with passive activity losses who need careful loss limitation analysis
- Brooklyn landlords who need NYC Department of Finance registration coordination
- Property owners who converted personal residences to rentals who need basis calculations
- Investors who sold rental properties who need depreciation recapture calculations
- Landlords with mixed-use properties who need expense allocation
- Property owners who rent to family members who need special reporting
- Brooklyn landlords who need property tax deduction optimization
How we prepare your return
1
Property documentation and basis tracking
We gather purchase documents, closing statements, and improvement records to establish cost basis. We track all capital improvements separately from repairs and maintain detailed asset registers.
2
Income and expense gathering
We gather all rental income including rent payments, late fees, and other income. We review all operating expenses including repairs, maintenance, insurance, property taxes, and management fees.
3
Expense categorization
We categorize all expenses according to Schedule E requirements. We separate repairs from improvements and ensure proper tax treatment. We also track tenant deposits and ensure proper handling.
4
Depreciation calculations
We calculate depreciation for each property using appropriate methods and useful lives. We maintain depreciation schedules and track accumulated depreciation.
5
Schedule E preparation
We prepare Schedule E showing all income and expenses for each property. We calculate net income or loss and ensure proper reporting.
6
Passive activity loss analysis
We analyze passive activity losses and ensure proper limitation application. We track suspended losses and evaluate release opportunities.
7
Compliance coordination
We coordinate NYC Department of Finance registration and rent stabilization reporting. We ensure all local requirements are met.
Brooklyn and New York City considerations
- We ensure New York City rental property registration compliance for Brooklyn landlords
- We coordinate NYC Department of Finance filings and handle any notices related to rental property
- We handle Brooklyn-specific rent stabilization reporting when applicable
- We coordinate NYC property tax deductions and ensure proper documentation
- We understand Brooklyn rental market considerations and ensure proper expense categorization
- We coordinate with Brooklyn property managers on income and expense tracking
- We ensure compliance with New York State and NYC rental property tax rules
Frequently asked questions
How do you track passive activity losses?
We maintain suspended loss schedules and review release opportunities during sales or income increases. We track passive activity losses separately for each property and ensure proper limitation application.
Can you handle mixed personal and rental use?
Yes. We separate personal use days, allocate expenses, and ensure deductions comply with IRS vacation home rules. We maintain detailed records showing personal vs rental use.
Do you advise on estimated taxes for rent collections?
We project rental cash flow and include it in quarterly estimate planning so there are no surprises. We coordinate rental income with your overall tax planning.
How do you differentiate repairs from improvements?
Repairs keep property in good condition and are immediately deductible. Improvements add value or extend life and must be depreciated. We review all expenses and ensure proper classification.
What happens when I sell a rental property?
We calculate gain or loss including depreciation recapture. We coordinate the sale with your tax return and ensure all reporting is complete.
How do you handle NYC rent stabilization?
We coordinate rent stabilization reporting when applicable. We ensure compliance with NYC rent stabilization requirements and proper documentation.
Can you help with property tax appeals?
We can coordinate with property tax consultants on appeals. We ensure property tax deductions are properly documented and optimize tax benefits.
How do you track tenant deposits?
We track security deposits separately from rental income. We ensure deposits are properly handled and not included in income until forfeited.
Schedule a consultation
Related services
Continue planning with these Brooklyn services
Search or browse the supporting services most clients pair with Rental Property Schedules.
Individual Tax Preparation
Accurate Brooklyn and New York State filings with documented deduction support.
Amended Returns
Correct past filings with a transparent workflow and tracking for refunds or balances due.
Prior-Year Catch-Up
File outstanding years and negotiate payment plans before penalties escalate.