What Accounting Information Do
You Provide for My Property?
We provide a monthly owner statement to each homeowner by e-mail. It is sent at the same time as we send out the monthly distribution of rent proceeds. This statement shows the entire accounting for the period. The start date is the day after the previous distribution and the end date is the date of the current distribution. The statement includes rent received, maintenance items paid out, and the amount of the homeowner’s distribution.
We can also send out a full-year owner statement at the end of the year if one is requested by the homeowner. This makes it easy for homeowners to turn all of the rental property accounting information over to their tax professional. Homeowners must keep in mind, though, that there is certain information we don’t provide. If the homeowner pays their own mortgage, HOA dues or utilities, those costs will not be reflected in our accounting system.
Finally, we send each homeowner a Form 1099-MISC. It shows the “income” they have received from their rental property. This form is also sent to the IRS and the State of Maryland.