End-of-Year Tax Tips for Property Owners

As the end of the year approaches, it’s the perfect time for property owners to get a head start on tax preparation. Whether you manage one rental home or a portfolio of properties, staying organized now can help reduce stress—and maximize your deductions—when filing season arrives. At CREC Property Management, we support Charleston-area owners year-round, including during tax time. Here's a simple checklist and helpful tips to make sure you're ready to wrap up the year with confidence.

Tax Prep Checklist for Property Owners

Gather All Rental Income Documentation Make sure you have accurate records of:

Monthly rent payments received
Late fees or other charges collected
Security deposit adjustments (if applicable)

If CREC manages your property, we provide detailed income statements and year-end summaries to help simplify this process.

Track All Deductible Expenses Many expenses related to your rental property are tax-deductible. Start collecting receipts and documentation for:

Repairs and maintenance
Property management fees
Mortgage interest
Property taxes
Insurance premiums
Utilities (if you pay them directly)
Legal or accounting services
Advertising or marketing costs
HOA fees

Organize them by category to make reporting easier—and to avoid missing any potential deductions.

Review and Update Depreciation Records If you've made improvements to the property this year—such as a new roof, HVAC system, or flooring—these may need to be capitalized and depreciated over time. Keep records of:

Date of improvement
Total cost
Description of the upgrade

Depreciation can significantly reduce your taxable rental income, so it's important to capture all qualifying improvements.

Prepare 1099s for Contractors or Vendors If you paid any independent contractors (plumbers, electricians, landscapers, etc.) $600 or more during the year, you may be required to file a Form 1099-NEC.

Gather W-9 forms from vendors early
Keep a list of payments made to each contractor
CREC clients: We handle this for you as part of our vendor management service

Review Mileage and Travel Logs If you travel to and from your rental property for inspections, maintenance, or showings, that mileage may be deductible. Keep a log of:

Dates and purpose of travel
Miles driven
Related expenses (parking, tolls)

CREC Can Make Tax Season Easier

When you work with CREC, you gain access to:

Year-end income and expense summaries
Digital maintenance records
Vendor payment history
Lease documentation
1099 contractor reporting support

Our systems are built to simplify tax prep for property owners—and give your accountant everything they need in one place.

Proactive Planning = Peace of Mind

By taking a little time this fall to gather records, review deductions, and organize paperwork, you can avoid the last-minute rush and feel confident heading into tax season. Not sure where to start or what documents you need? We’re here to help. Contact the CREC Property Management team to learn more about how we support Charleston-area landlords all year long—especially when it matters most.