Rental Property Tax Prep Kit

Rental Property Tax Prep Kit Excel for your landlords and rental property owners getting ready for tax season — rent income by property, expenses with repairs vs improvements, depreciation, a tax summary, and a filing checklist. Know what each property earned, what you can deduct, and what you still need to file.

Built for landlords and rental property owners who want rent, expenses, repairs vs improvements, depreciation, and the rental tax summary organized in one workbook — without accounting software. If a property sat vacant or a big repair turned out to be an improvement, this workbook shows it before you file.

WHAT'S INCLUDED (6 sheets):

- Rental Income Log — date, property, tenant or source, rent received, other income, total income, and whether a 1099 arrived, for every rent payment. Vacant months show up as missing rows.

- Rental Expense Log — date, property, item, category, amount, and whether it is a repair or an improvement, for every rental expense. Repairs deduct now; improvements are capitalized and deduct 0 this year by formula.

- Depreciation Schedule — property or asset, placed-in-service date, purchase price, land value, building basis, and the annual depreciation estimate for every depreciable asset, at 27.5 years for residential rental property.

- Tax Summary and Filing Checklist — total rental income, deductible expenses, net before depreciation, depreciation, net rental income or loss, net by property, the passive-loss planning note, the depreciation recapture note, and a checklist of documents still needed.

- Dashboard — total rent, months rented, vacant months, vacancy rate, deductible expenses, improvements capitalized, depreciation, net rental income or loss, net by property, largest expense category, and documents still needed.

- Cover and How to Use — start here. Yellow cells are the only ones you edit.

EXAMPLE DATA (2026 tax year — replace with your own numbers):

- 24 income rows; rent received 31,300; other income 275 (late fee 75, pet fee 200); total rental income 31,575; 22 months rented; 2 vacant months (Mesa condo, March and April); vacancy rate 8.3 percent.

- 37 expense rows; 35,949 spent; 31,749 deductible; 4,200 improvements capitalized (HVAC replacement, 0 deductible this year).

- 3 depreciable assets, 520,450 building basis; annual depreciation estimate 18,925.45 at 27.5 years.

- Net before depreciation -174; net rental income (loss) -19,099.45; Gilbert home net -9,334; Mesa condo net -9,765.45.

- Rental loss this year 19,099.45; estimated loss deductible this year 19,099.45 (planning assumption: the up-to-25,000 active-participation allowance applies); loss carried forward (estimate) 0.

- Largest expense category: Mortgage Interest, 15,600. Property Taxes 6,200; HOA 3,540; Management 2,504; Insurance 2,420; Repairs 755; Utilities 730; Improvements 0 deductible (4,200 capitalized).

- Documents still needed: 3 of 8 — the Mesa condo insurance renewal, one repair receipt, and the vacancy log.

HOW IT WORKS:

1. Download the Excel file instantly after purchase.

2. On sheet 1, enter one row per month per property: date, property, tenant, rent received, and other income. Skip vacant months — the Dashboard counts them.

3. On sheet 2, add a row per expense: date, property, item, category, amount, and Repair or Improvement. Repairs deduct now; improvements are capitalized.

4. On sheet 3, enter each property and improvement, its purchase price, land value, and placed-in-service date. Building basis and annual depreciation fill in by formula.

5. On sheet 4, check net rental income or loss by property, the passive-loss note, and the filing checklist, then check the Dashboard.

HOW THE NUMBERS WORK:

Total income is rent received plus other income. Deductible expenses are all expenses except improvements, which are capitalized and deduct 0 this year. Net before depreciation is total income minus deductible expenses. Building basis is purchase price minus land value. Annual depreciation is building basis divided by 27.5 years for residential rental property. Net rental income or loss is net before depreciation minus depreciation. Rental losses are generally passive and may be limited — the sheet 4 note assumes the up-to-25,000 active-participation allowance applies, generally for AGI under 100,000. When a property is sold, the depreciation taken is generally recaptured and taxed (up to a 25 percent rate on the recaptured part).

WHO IT'S FOR:

Landlords and rental property owners who want rent, expenses, repairs vs improvements, depreciation, and the rental tax summary organized before filing — without accounting software.

PLEASE NOTE:

- This is a digital download. No physical item will be shipped.

- Works in Microsoft Excel and Google Sheets (upload to Google Drive to open in Sheets).

- Example data for the 2026 tax year is included (24 income rows, 37 expense rows, 3 depreciable assets). Replace it with your own numbers.

- The example is honest about its weak spots: it is a loss year — the Mesa condo sat vacant in March and April, and a 4,200 HVAC replacement had to be capitalized instead of deducted, so the two properties together show a net rental loss of 19,099.45 after depreciation. The Dashboard shows the loss and the capitalized improvement side by side.

- Every tax figure in this workbook is a planning estimate for the 2026 tax year only, not tax, legal, or CPA advice. Rental losses are generally passive and may be limited. Confirm every figure with your own accountant or CPA.

- This is a planning tool only, not tax, legal, or CPA advice.

- Due to the nature of digital downloads, refunds are not available. Message me before buying if you have a question.

Built by an accountant: B.S. Accountancy, ASU W. P. Carey, with revenue-reconciliation experience at Marriott and audit work at PwC. Max is a CPA candidate, not a CPA.