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Rental Property Tax Organizer

April 15 Filing Deadline

Your rental income is usually reported on Schedule E which is filed with your personal 1040 income tax return.  The filing deadline for most 1040 filers is April 15. 

The penalty for late-filing of a 1040 return is generally 5% of the tax owed for each month the return is filed late.  The maximum IRS penalty is generally 25%, however failure to file your Oregon return for three or more years can result in a 100% penalty.  In addition to the failure-to-file penalty, interest is charged until all tax owed with the return is paid.

You can request a 6-month extension of time to file your return by filing IRS Form 4868 on or before the original due date of your return.  NOTE: an extension of time to file is not an extension of time to pay tax owed.  You should estimate the amount of tax owed and make payment to the IRS and your state by the original due date to avoid late-payment of tax penalties and interest.

Record-Keeping Requirements

All rental businesses are required by law to maintain income and expense records.  Record-keeping requirements are described in IRS Pub 583 Starting a Business and Keeping Records.  Generally IRS requires you keep two kinds of records for all business expenses you incur or pay:

  1. Proof of the expense - such as a receipt or log, and
  2. Proof you paid the expense - such as a cancelled check, bank statement, or credit card statement.

If you have questions about recordkeeping requirements for your business, please ask our staff.

Rental Property Tax Organizer

We have designed this Rental Property organizer to assist you with organizing your information and preparing for your tax interview. The organizer contains space for up to six rental properties. Print additional copies of these pages if you have more than six properties. Be sure to notify your tax preparer if any of the following events happened during the year:

  • You purchased or sold a property during the year
  • You made improvements or purchased furniture or appliances
  • You sold your property in a like-kind exchange

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