Year-End Bookkeeping Checklist for Landlords

Year-end bookkeeping is much easier when it's a final review of records you've kept current all year, rather than a scramble to reconstruct twelve months of transactions in a weekend. Either way, a consistent checklist keeps you from missing something important.

Reconcile every account

Confirm that every bank account tied to your rental activity matches your records — rent collected, expenses paid, and any transfers between accounts. Discrepancies are far easier to track down in January than discovered mid-tax-return in April.

Categorize any uncategorized transactions

Every transaction should map to a category in your chart of accounts. Anything sitting uncategorized at year-end means either extra work for your tax preparer or a missed deduction.

Gather 1099 information for contractors

If you paid any contractor $600 or more during the year for services (a commonly cited federal threshold for 1099-NEC filing requirements), make sure you have their completed W-9 on file and their total payments calculated. This is much easier to do throughout the year than to chase down in January.

Pull a P&L per property

Generate a profit and loss statement for each property individually, not just the portfolio as a whole — this is what your tax preparer needs for Schedule E reporting, and it's useful for your own year-over-year comparison.

Review your security deposit ledger

Confirm every held security deposit is accurately tracked, including any interest owed where required by your state, so you're not caught off guard at a tenant's move-out.