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Owner Tax Preparation Guide

Use the following Guide to help you prepare for tax filing.

Review Yearly Income/Expense Statement

Before the end of the year, be sure to log into your Owner Portal and review your Income/Expense Statement.

1 – Log into your Owner Portal

2 – Click Reports

Owner Portal Reports Section

3 – Click Income/Expense Statement and you will see a pop-up similar to the image below. Remember this statement only includes income and expense tracked by NOVARPM. If you have other income and expense not tracked by us, you will need to provide those amounts to your CPA as well (see #4).

If you see any inaccurate information on the Income/Expense Statement, please notify us immediately.

Sample Income/Expense Report by Category

4 – Income and Expense not tracked by NOVARPM. There are several income and expense not tracked by us, these include:

  • Any income or expense incurred before or after your relationship with NOVARPM
  • Mortgage interest paid
  • Condo/HOA fees paid
  • Property Taxes paid
  • Your travel expenses to and from your rental property
  • Supplies expenses purchased by you for your rental property
  • Vendor expenses purchased by you for your rental property
  • Utilities paid by you for your rental property
  • Depreciation expenses

For more detailed information, please read: How to Report Income Taxes on a Rental Property?

5 – Before the end of January, NOVARPM will mail you your 1099 Statement. If you want to verify your SSN/TIN and your mailing address, please contact us.