Best Tax Tools for Landlords and Rental Owners

Rental property brings valuable deductions - and extra recordkeeping. Landlords report rental income and expenses (typically on Schedule E) and often deal with depreciation, which rewards staying organized all year.

Learn the rules first. Every Landlord's Tax Deduction Guide is a landlord-specific reference covering repairs versus improvements, depreciation, travel, and the paperwork that supports each claim.

Track expenses as they happen in a Tax Deduction Log Book, and keep leases, receipts, and closing documents filed by property and year in a DEVAISE 3-Drawer Slim File Cabinet so you can find them during filing or an audit.

At filing time, TurboTax offers guided support for rental income, depreciation, and common landlord deductions, walking you through Schedule E step by step. Because depreciation and the repair-versus-improvement distinction can get technical, landlords with multiple properties or a big purchase or sale during the year should consider having a tax professional review the return.