Prepare booking or tenancy and activity records alongside the property file. Identify unit ownership separately from association-owned facilities and expenditures.
Preparation resource. Record completion does not determine eligibility, deductions or tax savings. Ask your qualified tax professional to resolve the facts and applicable rules.
What this file should establish
Record leases or guest stays, availability, owner use and changes in operation. Preserve task and third-party records where relevant. Keep activity classification separate from the amount of depreciation calculated by a study.
Identify unit ownership separately from association-owned facilities and expenditures.
A situation to work through
A condo owner pays an assessment and renovates the interior.
For this situation, start with deed. Identify the period and legal owner before combining it with the other records. Keep the original source and explain any adjustments in a separate reconciliation.
Review point
Ask what the payment funded and what the owner actually owns.
A property label replaces an actual use history.
Question for the reviewer
What classification and participation questions should be reviewed for this activity?
Expected handoff
A property-use timeline and activity source register.
Separate facts supported by documents from estimates and unresolved assumptions. Assign each missing item to a responsible person and a date. Send the reconciliation alongside the source references so the reviewer can trace each conclusion.
Your preparation worksheet
Enter a reference to the document, the person who can supply it and the unresolved question. Use file names or locations rather than account numbers or other sensitive information. Entries stay in this page until you close or refresh it. They are not sent to us or saved automatically. Export before leaving.
Record or decision
Source reference
Status
Responsible person
Open question
deed
association documents
assessments
unit invoices
rental calendar
use period
lease or stays
availability
owner use
third-party roles
Mark not applicable only after noting why. A collected record can still require correction. Review the exported file before sharing it with your adviser.
Use the following primary guidance to frame the questions. The worksheet organizes facts; it does not replace analysis of the relevant year, ownership, elections or state treatment. Record the applicable period, confirm the source version and retain the preparer's written conclusions with the supporting documents.