1031 Like-Kind Exchanges: Deferring Gain on Investment Property
How a 1031 like-kind exchange defers tax on investment property sales, including the 45-day and 180-day deadlines, qualified intermediaries, and boot.
Real Estate & Rental Property Accounting
We know rental property from both sides of the ledger. Our founder has owned and managed rental properties in the Syracuse area for decades, so we understand tenants, turnovers, furnaces, and the paperwork that comes with them.
In short: Boyle Accounting provides tax preparation and accounting for landlords and real estate investors, including rental income and expense tracking, depreciation, repairs versus improvements, passive loss rules, 1031 exchanges, and LLC structuring. Real estate investing and management has been one of our core areas of expertise for decades.
What's included
- Schedule E rental returns and partnership returns for property LLCs
- Depreciation schedules and cost segregation questions
- Repairs versus capital improvements
- Passive activity loss and real estate professional analysis
- 1031 like-kind exchange planning and reporting
- Simple recordkeeping systems for small landlords
- Short-term rental tax and recordkeeping
Who it's for
Owners of one to dozens of units, including two-family and multi-family homes, small commercial buildings, and short-term rentals in Central New York and elsewhere.
Frequently asked questions
Is a new furnace a repair or an improvement?
Usually an improvement that you depreciate, though there are safe harbors that can allow some costs to be deducted right away. The details matter, so keep the invoice and ask before you file.
Should my rental properties be in an LLC?
An LLC can help with liability, but it doesn't change your taxes much on its own, and it adds paperwork and fees. We'll go over the tradeoffs with you and your attorney.
What happens to depreciation when I sell a rental?
Depreciation you took, or could have taken, is generally taxed back when you sell. Planning the sale, or a 1031 exchange, can reduce the hit.
Related articles
More on Real Estate & Rentals →Passive Activity Loss Rules and Real Estate Professional Status
How the passive activity loss rules limit rental losses, how the active participation allowance works, and who qualifies as a real estate professional.
Depreciating a Rental Property and What Happens When You Sell
How rental property depreciation works, why land is excluded, and what happens at sale, including depreciation recapture, capital gains, and suspended losses.
Repairs vs. Improvements: How the IRS Sees Your Rental Expenses
How the IRS tells repairs from improvements on rental property, including the betterment, restoration, and adaptation tests and landlord safe harbors.
Rental Property Accounting Basics for Landlords
Rental property accounting basics for landlords, covering rental income, deductible expenses, security deposits, depreciation, and the records to keep.
Short-Term Rentals in Central New York: Taxes and Recordkeeping
Short-term rental taxes in Central New York explained for Airbnb and VRBO hosts, including income tax, occupancy and sales tax, and the records to keep.