Property Management: Accountants Point of view

[Kenny Dahill]

I am curious to hear the perspective of property management from accountants point of view.  For those of whose clients use PM.

Do you have any say who the owners use?

What is your involvement with the PM firms?

What do the best do?

What do the worst do?

How can your life be made easier?

What do you tell your clients about property management in general?

Open discussion.  I think investors often forget about how PM can impact their accountants lives.

[Michael Plaks]

How can our life be made easier?

• Stop issuing 1099-MISC with box 7 "non-employee compensation" instead of box 1 "rent"
• Stop including refundable deposits in rent income
• Provide annual reports clearly delineated by property
• Learn the difference between maintenance, repairs and improvements and report accordingly
• Report insurance reimbursements separately
• Provide supporting documentation: itemized contractor's invoices, insurance adjusters' reports etc