The Ledger - Property Management · CPA Package

Every figure in this package is 100% of the property, whatever the share. Nothing has been apportioned. The owner recorded these; we have not verified a deed.

No documents. Every loan open in 2026 has its Form 1098 recorded, the books cover the full year, and the papers behind these figures are in hand. Receipts, entries not yet checked against a bank and personal-use days are reported in their own sections below.

Answered in the app on Jan 20, 2027 by owner@example.com. These are the things the books cannot answer - none of them can be derived from any statement or import, and every one of them changes a return.

2 of these need your attention before this return is finished.

The method behind every line above, so none of it has to be inferred. Where a figure rests on a document, the document is named; where it rests on our arithmetic, the arithmetic is described.

If you disagree with any figure marked "ours", it takes one field to replace it. In the app: open the property → Depreciation → enter the baseline from your own schedule - the date it was struck, accumulated to that date, remaining basis, and remaining life. Everything downstream follows from it, this package included, and the row above will then read "yours". We would rather print your number than ours.

Readiness: Forms 1098 on file: 1 of 1 · statements all under 12 months · 5 entries not checked against paper · 1 receipt missing.

A bank-verified entry was matched to a line on an imported bank statement - same amount, within a few days, one statement line to one entry. Unmatched entries aren't necessarily wrong; they're the ones no statement has confirmed yet (cash, a card not yet imported, or a period the statement didn't cover). The transaction CSV export carries the matched statement date and line for each entry.

Estimate only - confirm with your CPA before filing. Reclassifies mortgage payments to interest-only, capitalizes closing costs, and depreciates capital improvements as separate assets from the date each was placed in service (listed in the depreciation schedule below).

Part I of Schedule E has a column per property. These are those columns. The right-hand total is the same figure as the portfolio summary above - if the two ever disagree, trust neither and tell us.

Each column is that property alone - its own 1098 interest, its own escrow disbursements, its own depreciation on its own in-service date. Passive-activity limits are applied per activity, so the split matters beyond presentation.

Annual rate is the steady-state figure - depreciable basis ÷ recovery period. This year is what was actually taken, which differs in the year a property or an improvement is placed in service (mid-month convention) and in the year it is disposed of. The This year column is the one that adds up to the depreciation on the Schedule E estimate above; property rows are the building alone, with improvements on their own rows beneath.

* uses your CPA's depreciation figures (annual amount and/or previously claimed depreciation) rather than the straight-line estimate.

Indented rows are capital improvements - separate assets, each depreciating from the date it was placed in service over its own recovery period (the building's life for structural work, 5 years for appliances and carpet, 15 for land improvements). This is also the asset-addition list for Form 4562.

A 1099-NEC covers services from an unincorporated vendor; goods and payments to corporations are not reportable, and the owner has marked those. The test is per payee per calendar year - $2,000 for 2026 - so these are the calendar-year totals from the whole ledger.

Mortgage and principal payments are not counted here - the lender's 1098 and the amortization schedule document those, and no receipt exists for them.

3 documents are held in the app against these properties. They are not embedded in this printed package - ask the owner to send the files, or open them in the app.

Documents a preparer would normally want that are not on file:
1425 Larkspur Ln - Form 1098 - Rocket Mortgage