Halon Private Client can include any rental properties you have as part of your personal tax return with the rental property add on service. Rental properties that are not owned by a corporation file on Schedule E of your Form 1040 personal tax return.
If you have rental properties, you must add this service for each property you own and rent, even if it’s only a partial year rental.
The rental property add on will be billed for each property you rent. So if you have 2 properties, you would need 2 of this specific add on.
You will need to prepare the bookkeeping for these properties.
What you will need to have on hand at tax time for the rental property is as follows:
- All income from the rental property
- All individual expenses for the rental property
- If you purchased or sold a rental property, a copy of the closing documents
- Halon will calculate the depreciation for you