Filing Taxes - Everything I need to know....

[Rickey Wiley]

BP~~ Seeking professional help for a non-tax savvy investor.... The past couple of years I've had issues filing my taxes (un-intentionally), more specifically pertaining to my rental properties (5). I need to know what all documents I need to prepare for filing the "correct" way along with what tax deductions and write-offs am I capable of using when it comes to my mortgages.

Also, when it comes to rental income, what tax liabilities are involved when it comes to reporting rental income? Please help.

[Brian Schmelzlen]

Hi @Rickey Wiley,

To amend your tax returns (for any year not closed by statute) and potentially file Form 3115 for a change in accounting method, a professional tax preparer will need:

1) A copy of the original tax return as originally filed;

2) Financial statements (included is included in most property manager's reports) for each property;

3) Form 1098 showing the amount of mortgage interest paid (and real estate taxes potentially);

4) A property tax statement showing how the local government allocated the value between land and building; and

5) The settlement statements from the purchase of each property (if the cost basis needs to be corrected).