Real estate returns go wrong in specific ways
A generic approach treats a real estate business like any other. That's how you end up with a new roof expensed as a repair, depreciation schedules that stopped matching reality years ago, and K-1s that don't agree with the entity return. We get it right and keep it consistent from year to year.
Who we work with
- Real estate agents and brokers: commission income, self-employment (Schedule C), and S corp returns.
- Investors and their entities: LLCs, partnerships, and S corps, plus the owners' individual returns.
- Developers: partnership and S corp returns for development entities.
- Commercial real estate: owners and entities holding retail and office properties.
What "tied out" looks like for real estate
Entity returns and K-1s that agree
The K-1s from a partnership or S corp should add up to the entity return, and land correctly on each owner's individual return. We check both directions.
Depreciation and basis kept current
Asset schedules are updated every year for purchases, improvements, and sales, so depreciation and basis are right when you sell.
Capital improvements vs. repairs
Improvements are kept separate from routine repairs and maintenance, with the supporting detail documented.
Property purchases and sales
Closing statements are tied to the return, so purchase price, selling costs, and gain line up with your records.
Working from your records
As a Silver-tier Intuit ProAdvisor firm, we can work directly from your QuickBooks books. We can also work from year-end reports exported from your property management or accounting software.
Real estate tax FAQ
Do you work with clients and properties in any state?
Yes. We're fully remote and serve clients nationwide.
I'm a real estate agent. Do you prepare my return?
Yes. Whether you file as a sole proprietor (Schedule C) or through an S corp, we prepare your individual return and any business return.
I have several LLCs. Does each one file its own return?
It depends on how each LLC is taxed. Some file their own partnership or S corp return; others are reported on the owner's return. We'll look at your structure on the discovery call. (Entity and legal questions belong with your attorney.)
Can you work from my QuickBooks file or property manager's reports?
Yes. We can work directly from your QuickBooks books, or from year-end reports exported from your property management or accounting software.
Ready to see a zero in the difference column?
Book a free, no-pressure discovery call. Bring last year's return.