Real Estate Property Checklist

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					               HF$ Associates, LLC               Telephone Number: (410) 256-9700
               9124 Belair Road                  Fax Number: (410) 256-9788
               Baltimore, MD 21236               E-mail Address:

                     Rental Real Estate Property Checklist
**See below for a special note concerning issuance of 1099s by rental property
owners beginning with the 2011 tax year.**

Please supply us with the following information if you own real estate that is not your
primary residence. The information must be separated by property.

   1. Rental Income received
   2. Settlement papers from when the property was purchased, called a HUD-1, if not
       previously provided
   3. Estimated value of the land
   4. Prior year’s deprecation schedule (unless we prepared your return)
   5. Number of days in the year the property was used for personal use
   6. Number of days the property was rented for the year
   7. Total dollar of rents received
   8. Expenses related to the property including:
          a. Advertising
          b. Auto (mileage) & travel (related to the property)
          c. Bank charges
          d. Cleaning & maintenance
          e. Commissions
          f. Legal and other professional fees
          g. Management fees
          h. Mortgage interest paid (we will need the 1098 from the lenders)
          i. Repairs
          j. Supplies
          k. Taxes (such as property taxes)
          l. Utilities
          m. Any other expenses related to the property
   9. Purchase information on new appliances
   10. Also provide us with the HUD-1 for any real estate property you sold during the
       year, and any costs related to the sale of that property.

Questions for Claiming Vehicle Expenses:
1) Do you have evidence to support your deduction? Yes No
2) If yes, is the evidence written? Yes No
3) Do you (or your spouse) have another vehicle available for personal use? Yes No
Recordkeeping: Your vehicle expenses will not be allowed by the IRS without adequate
records or sufficient evidence verifying business use. Daily records provide the best
protection in case of an audit.
**Issuance of 1099s by rental property owners required beginning with the 2011
tax year.**

Under a provision in the recently enacted Small Business Jobs Act, owners of property
who receive rental income will be required to issue Forms 1099 to service providers for
payments of $600 or more during the year. You must provide a 1099-MISC to any
individual or unincorporated business you paid $600 or more for services during the
2011 tax year. These forms will be due to the recipient and the IRS by January 31,

See the following article link for more information:

We can prepare the 1099s for you (for an additional fee unless covered in our
engagement) provided you supply us with the following information near the beginning
of 2012:
    1. W-9 for each business or individual. W-9 can be downloaded from the IRS at
         a. We strongly recommend you obtain a W-9 from each individual or un-
             incorporated business before you pay any funds to them. If they refuse to
             provide you with the information on the W-9, inform them you will need to
             withhold 28% of the amount paid to forward to the IRS for backup
    2. Amount paid to each business or individual in 2011.

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