Landlord Bookkeeping Checklist

If you own rental property, the fastest way to stay tax-ready is a consistent monthly close. This checklist shows exactly what to review each month (so your P&L is accurate by property) and what to prepare at year-end so your CPA can file without delays.

Last updated: December 28, 2025

Quick links:

Ongoing support: Monthly Bookkeeping

Behind on your books: Catch-Up & Cleanup

Plan details: Pricing

Monthly Landlord Bookkeeping Checklist Steps

1. Gather statements (15–30 minutes)
   • Download or confirm access to bank and credit card statements for the month.
   • Collect property manager statements (if applicable).
   • Pull STR payout summaries (Airbnb/VRBO) if applicable.
   • Confirm all accounts are connected (or that statements are complete).
   • Put any “unknown” receipts/invoices into one folder for review.
2. Reconcile accounts (non-negotiable)
   • Reconcile each bank account to the statement ending balance.
   • Reconcile each credit card to the statement ending balance.
   • Confirm transfers are matched correctly (avoid duplicates).
3. Categorize and standardize (property-level accuracy)
   • Review uncategorized and “ask my accountant” items.
   • Confirm income is recorded correctly (rent, late fees, cleaning income, reimbursements).
   • Verify expense categories are consistent month-to-month (utilities, supplies, repairs, PM fees, etc.).
   • Allocate each transaction to the correct property (or class/location/tag—whatever method you use consistently).
4. STR-specific checks (if you host)
   • Ensure payouts are not recorded as one lump deposit without fee breakdown.
   • Confirm platform fees and adjustments/refunds are accounted for.
   • Track occupancy tax handling (collected, remitted, or payable) according to your setup.
5. Produce your monthly reports (the outputs that matter)
   • Profit & Loss (P&L) by property
   • Overall P&L
   • Balance Sheet
   • (Optional) Cash flow summary / owner draws review
6. Quick review (5 minutes that prevents expensive mistakes)
   • Scan for unusual spikes (repairs, supplies, PM charges).
   • Check large purchases that may be improvements (flag for CPA).
   • Confirm loans and mortgage payments look reasonable (principal/interest split if tracked).

Year-end checklist for your CPA (tax-ready package)

1. Confirm your books are complete
   • All 12 months reconciled (banks + cards)
   • All properties included (including properties sold or acquired mid-year)
   • No large uncategorized bucket remaining
2. Prepare these documents (typical)
   • Mortgage interest statements / loan summaries
   • Property tax statements
   • Insurance statements
   • HOA statements (if applicable)
   • Closing statements (for purchases/sales) and records of major improvements
   • 1099s received and vendor payments (if you issue 1099s)
   • A list of properties with ownership entity and dates in service (helpful for depreciation)
3. Deliver these reports
   • Year-to-date P&L (and P&L by property)
   • Balance Sheet
   • General ledger (if requested by CPA)
   • Notes on unusual items (insurance claim, major repair, large capex)

For a complete list of deductible expenses and official rules, refer to the IRS Publication 527 on Residential Rental Property.

What to gather and why

Item	Where you get it	Why it matters
Bank statements	Bank portal	Reconciliations + completeness
Credit card statements	Card portal	Expense accuracy
Property manager statements	PM portal	Details about deposits/fees/repairs
STR payout summaries	Airbnb/VRBO	Revenue/fee breakdown
Loan statements	Lender portal	Interest, balances, debt tracking
Closing statements	Title/attorney	Depreciation + basis support
Major improvements list	Your records	Helps your CPA classify capital expenditures according to IRS recordkeeping requirements.

Common landlord bookkeeping mistakes (and quick fixes)

• Skipping reconciliations → reconcile every month, every account.
• Mixing personal + rental spending → separate accounts or tag/track with a strict method.
• Lumping STR deposits as revenue → break out fees and adjustments.
• No property-level tracking → choose one method (classes/locations/tags) and standardize.
• Avoid mixing personal and rental spending. The IRS suggests using a dedicated checking account as the main source for your business books. You can find more IRS tips on recordkeeping here.

When to hire help

Consider outsourcing if:

• You’re behind more than 2 months consistently
• You have multiple properties and can’t confidently produce property-level P&L
• STR payouts and fees are taking hours each month
• Your CPA keeps asking for corrected numbers

If you want this run end-to-end, see Monthly Bookkeeping or start with Catch-Up & Cleanup.

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