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Accounting for real estate investors
From a single condo to a portfolio of rentals, with the books kept property by property.
Why rentals need their own books
Rental income is reported property by property, and so are the expenses: mortgage interest, insurance, repairs, association fees, management and depreciation. Residential buildings are depreciated over 27.5 years, and the split between land and building, and between repairs and improvements, changes what you deduct this year versus over decades.
South Florida adds a layer. Short-term rentals of six months or less are subject to Florida sales tax and the county’s tourist development tax, which must be registered for and filed, even when a platform collects part of it. Foreign owners also face FIRPTA withholding when they sell.
Because we also quote property insurance, the same team that sees your rental’s numbers can review its coverage: dwelling, liability, flood and the hurricane deductible, for each property.
What we handle
- Schedule E rental reporting and depreciation schedules
- Bookkeeping by property
- Florida sales tax and tourist development tax for short-term rentals
- 1099-NEC forms for contractors and property managers
- Reporting a 1031 exchange (Form 8824) and FIRPTA for foreign sellers
- Entity setup for holding properties, and landlord insurance quotes
“10/10 service! Andrew has never let me down. He always responds on time and takes care of me while answering any questions I have, HIGHLY RECOMMEND”
Questions we hear from this industry
Should I hold my rental in an LLC?
It depends on your liability exposure, your lender and your tax situation. An LLC does not change the income tax for a single owner, but it can separate the property from your personal assets. We go through the trade-offs before you transfer anything.
I rent my condo on Airbnb. Do I owe sales tax?
Rentals of six months or less in Florida are subject to state sales tax and, in Miami-Dade, the tourist development tax. Some platforms collect the state portion; the owner is still responsible for registering and for whatever is not collected.
What is depreciation and why does it matter?
Depreciation lets you deduct the cost of the building (not the land) over 27.5 years for residential property. It usually creates a paper loss that lowers the tax on your rental income, and it is recaptured when you sell, so the records have to be kept from the first year.
Can you handle my insurance too?
Yes. Our licensed agents quote landlord and condo coverage, explain where flood insurance fits, and because they see the property’s numbers they can match the coverage to what is actually at risk.
Tell us what you do
Book a free 15-minute consultation online, or call us today. In person or remote, in English or Spanish.