Owning a property involves making smart financial decisions, including taking advantage of tax deductions to maximize your savings. As tax season approaches every year, it’s essential to gather various documents. If you’re a real estate investor, this includes your property statement, tax deductions and other expenses related to Austin property management.
All of these documents and statements might be in different locations, making it challenging for Austin property owners to keep everything organized and ensure you maximize your tax deductions. This can cause big challenges for your CPA and could ultimately result in you losing out on valuable tax deductions should you miss out on something.
When you partner with 1836 Property Management, you can record bills with us. Then, once tax time comes every year, you can share your property statement with your CPA as well as any other applicable documents — such as a 1098 from your mortgage company — providing them with all deductible expenses in one place.
Staying organized throughout the year for taxes is one of the best real estate tax tips you can follow. Here’s how you can record bills with 1836 Property Management.
Have Bills That Need to Be Recorded?
As a rental property owner, there are likely bills that you are incurring on a monthly basis that can be written off as expenses on your taxes. Knowing what bills that you can deduct and which ones you can’t will help you better organize yourself come tax time.
For Current 1836 PM Clients: View Record My Bill Instructions
Tax Deductions: What Bills Can You Send?
The bills that you can send 1836 Property Management are any receipt that contains the type of payment you made, the full vendor information and any details from payments that you made directly to a vendor.
Some examples include HOA payments, utilities that you pay directly to a utility company outside of 1836 Property Management, property taxes you pay directly to the taxing authority, repairs you pay directly to a vendor outside of 1836 Property Management, insurance payments that you make directly to an insurance company and any property tax protest expenses.
You can simply email these to us, and we’ll make sure they end up on your property statement.
What Bills Should You Not Send?
There are some bills that you shouldn’t send to 1836 Property Management because they will already be on other end-of-year statements you receive
Mortgage payments and other escrowed items, such as property taxes, insurance, and mortgage interest payments, include. At the end of the year, your mortgage company will send you a 1098 that will include all of that information, so you don’t need to send it to 1836 Property Management.
Why This Matters
You pay so many bills throughout the year as a property tax owner that it can be very easy to overlook things. If you track and record bills as you pay them during the year, then you’ll be ensuring that you don’t miss any valuable potential tax deductions.
When all of this is in one simple report such as a property statement, it makes it even easier to organize and analyze. That’s why sending in bills to your Austin property management partner is such a good idea.
How to Download Your Property Statement
1836 Property Management makes the process of recording bills easy. When you need to download your property statement, you can do so directly from our website.
First, visit our site and log into your account. Then, go to Reports on the left side of the screen and select Property Statement. Select your desired property and date range, then export the property statement to PDF to download it.
Once you have this PDF, you can simply email it to your CPA or upload it with all of your other end-of-year tax documents.
Partner with 1836 Property Management
Investing in real estate can be very rewarding, especially when you have the right partners. At 1836 Property Management, we aim to make the process of owning a rental property as easy and seamless as possible.
Our professionals are experts in the Austin real estate market, and have helped hundreds of property owners not just purchase and run their rental property but also organize their business effectively for tax season.
For more information on how our tax deduction strategies can simplify your tax preparation process, please contact us today.
For Current 1836 PM Investor Clients: View Record My Bill Instructions
*Important Notes:
- This is a complementary service and may take up to 3 business days.
- Investors should verify bills are properly uploaded by logging into the owners portal-> Reports-> Income Statement Detailed-> Select the property-> Select Date Range-> RunReport.
- Bills should be uploaded to a category titled “Repairs-Owner Paid Expense”.
- Owners must address any inaccuracies directly with their property manager.
- 1836 Property Management is not responsible for missing, inaccurate or bills recorded to a property by investor request that result in inaccurate filings with the IRS.
