The quick read
Key points
- Keep dated final tax schedules.
- Separate book and tax adjustments.
- Identify changes for the current review.
Gather the reviewed prior-year file
Retain the return schedules, adviser notes and any corrected versions that relate to your rental activity. Identify the property or activity and tax year. A current income report does not reconstruct every prior-year tax adjustment.
Separate tax schedules from the ledger
Keep a reconciliation between book figures and the reviewer’s tax schedules where provided. Do not post an opening expense or asset simply to reproduce a carried amount from a return. Ask which adjustments, if any, belong in the books.
Track changes in ownership or use
Prepare a dated list of sales, conversions, ownership changes and other events for the reviewer. Include supporting documents rather than assuming the same treatment continues from the prior year.
Ask for updated instructions
Give the complete record to your tax professional for current-year limitations and carryforward decisions. IQ does not determine whether a rental loss is deductible. Preserve the reviewed result and its explanation; this is not tax advice.
Before you finish
- Keep dated final tax schedules.
- Separate book and tax adjustments.
- Identify changes for the current review.
Official guidance for your review
Confirm the current edition and your circumstances with a qualified professional.
Keep your next step simple.
Use the product guide for the app workflow, or contact support with your question. Bookkeeping reports are not tax advice; review filing decisions with a qualified professional.