If I have a rental property in the U.S., what do I need to attach with my US tax returns to ensure the IRS accepts the figures reported?
Allan Madan, CA
When submitting your tax return to the IRS, you must ensure that all figures that you claim as an expense have the proper documentation submitted with them. Additionally the receipts and invoices you submit along with your tax return must prove:
- The expense is reasonably considered to be an ordinary expense given the nature of the business.
- The expense was actually incurred in the tax year, and
- The expense was paid for.
Please note, for the most notable expenses for rental properties such as property taxes and mortgage interest, your bank will issue a 1098 to corroborate these figures.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
.png)
