Tax Preparation Report

The Tax Preparation Report sums up property income and expense amounts by category. This does not include information on liabilities, owner contributions/distributions, and general income/expense transactions. The default view of the report is the Schedule E which groups transactions by IRS-approved categories. This report can be shared with assigned owners, if applicable.

Please note!
The report is not shared with owners by default. To enable sharing, the property manager must change the configuration in the owner's profile. 
 
This might be useful:
How do I set which reports an owner can view?

Please note!
The Tax Preparation Report is available from the Pro subscription plan.

To access the Tax Preparation Report, open the Reports page from the left-side menu. Here you can find the respective card in the Financial section (if the “swimlane by type” is enabled) and will be able to mark a report as favorite to move it to the top of the section.

Icons in the top right corner of the page indicate the following:

Info Tip: Hover over it to read a brief report description.
Sharing options: Hover over it to see if an owner has access to it.
Help: Click on this icon if you want to read the complete article on how to use this report.

When generating the Tax Preparation Report, you can adjust the following criteria:

Date range
You can adjust your own “custom range” by choosing a start and end date to generate the report, or you can use the pre-set date range options, which are all, last month, last 90 days, this year, last quarter, last year, and year to date.

Filter by Property/Owner
You can filter by property or by assigned owner. If you select Multi-unit type, a field for a unit number will appear and you can select the unit.

Property Manager can enable or disable the “Include hidden invoices” option. When the option is disabled, the hidden fees will not show for the owner in the report. 
Please note! The “Include hidden invoices” option is available only in Property Manager's mode.

Accounting type
You can view/generate the report based on how you do your accounting. Cash type is selected by default, but you can switch to Accrual type to see transactions sorted by due date.

Expense section format
Schedule E or regular system categories. Schedule E is used in the USA to report income or loss from rentals. Click the Learn more > link to see how the transaction expense categories are associated with Schedule E categories. If Schedule E is disabled, the category/sub-category will be displayed. 

Preview the report
The Preview button gives you the option to preview the complete report as a PDF file in a new tab. You can go through it and download it if all is correct, go back and adjust other settings, or just close the tab.

Please note!
The preview of the report is available if you have selected a specific property in the dropdown menu, if you have more than one. If you select ALL, you will be able to download the report only.

Downloading the report
Click the "download" button to generate the Tax Preparation Report. The report is generated into one file, and you can download it as an Excel or PDF file. The "preview" and "download" buttons will be inactive if there is no information on the chosen criteria or you have no properties added.

Please note!
If the file is very large, it will be compressed into a zip file which you will need to unzip.

What categories does this report include?
This report includes property-related income and expense transactions, transactions that have the management fee * category and its sub-categories (if created in Property Manager Mode), and Tenant Charges & Fees * transactions.
 

Included Statuses:
-paid
-partially paid

Please note!
If the report is automatically shared with the assigned owner(s), they will see only those Tenant Charges & Fees that were marked as visible to the owner(s) of that property.

If you are using Property Management Mode, the Management Fee category *  is considered as an expense for the property manager and owner. 

Not included categories:
-Owner Contributions
-Owner Distributions
-Liability (deposits and credits)
-General Income
-General Expense

Not included statuses:
-unpaid
-pending
-failed
-canceled
-void
-waived

Transactions of all statuses of the lease (active, past, ended, future, signature/insurance pending) except leases in draft status will be included in the Tax Preparation Report. 

Report Example:

Last updated:
Sep. 20, 2024