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Books that reconcile, depreciation schedules you can defend on a sale, and returns filed by the people who kept the records. One firm, so the bookkeeper and the preparer are not handing work to each other.
Key highlights
We keep the books for the properties and we prepare the returns those books feed. You report rental income and expenses on Schedule E for a property you hold directly, or at entity level where you hold it in a partnership or an S corporation.
Split those two jobs across two firms and the gap shows up on the depreciation schedule. Your bookkeeper does not know which invoices you had to capitalize, your preparer does not know what the bank line was, and neither of them looks at the schedule again until you sell.
a handful of long term rentals, usually held personally, where the work is steady and the sale is years away.
where you have to evidence the participation tests and the depreciation position each year.
entity returns, K-1s and owner basis, with owners who each get a different answer on the same property.
where inventory treatment, capitalized interest and the line between a trade and an investment all move the answer.
a sale, an exchange or a refinance already in motion, where the modeling has to happen before the closing date.
CAM reconciliation, tenant recoveries and lease accounting sit on our commercial page.
Capital work flagged in the month it happens costs you a minute. Reconstruct it in March from a bank line that reads hardware store and it costs you an afternoon, and you end up estimating.
Properties pooled into one ledger, so no individual property has a real profit figure or a clean basis
Capital improvements expensed, understating basis and overstating this year's deduction at the same time
Depreciation schedules we cannot tie back to the closing statement, from an unchecked land and building split
Owner basis and at risk amounts left untracked, found in the year a loss is finally large enough to matter
Disposals left off the schedule, so assets you sold or scrapped years ago are still depreciating
Where an error has run for two or more years, we correct it with a method change and not with an amended return.
A rent roll, last year's return and the depreciation schedule are enough to tell you what shape the records are in.
Quoted on the portfolio and the state of the books. What we price against:
These are the factors, not a quote.
The real estate does have to be a rental, but we can get into more detail about that if you contact us.
I had a fairly complicated situation with property sale and moving between states. The team was quick, answered all questions, was responsive, courteous and professional.
This page is general information rather than advice for your circumstances. Outcomes turn on facts specific to you, so speak to a CPA before acting on anything here.
Send the rent roll, the entity list and last year's return. We will tell you what the records are missing and what it costs to put right before anything starts.
