The short answer is: No, we can't. We are Real Estate Agents and Property Managers and not tax experts, investment counselors or accountants. While we have a good working knowledge of the what's involved regarding the taxation of investment properties, we are qualified to provide that information to you. We can help you do an investment analysis of your rental property (or potential rental properties) using our Return on Investment Spreadsheet and other analysis tools at our disposal.
We always recommend that our homeowners consult with their accountants or tax professional. We collect a signed Form W-9 from each of our homeowners and contractors so that we can generate the necessary tax documentation. At the end of the year, we send a Form 1099-MISC to the Internal Revenue Service and the Maryland Comptroller of the Treasury. We also provide our homeowners with a Schedule E that they can include in their tax preparation package.
The Internal Revenue Service has really good information about Residential Rental Property (IRS Publication 527) that we highly recommend that you download and read!