Outer Banks Long Term Rental Owners – Tax season is now upon us!
As part of the services we provide our Property Management clients, OBX Housing will prepare a Profit and Loss Statement for your home to provide to your Accountant. The breakdown of this document will summarize all income and expenses and will accompany a US Tax form 1099 which is used to report your rental income to the government.
The P&L form will contain the following:
-Gross rental money received during the calendar year.
-The amount of commission paid to OBX Housing, LLC as Property Manager.
-Amount paid for maintenance and repair invoices paid by OBX Housing, LLC on your behalf and other expenses such as Home Owners Association dues, taxes, insurance, etc.*
-Net rental proceeds received by Owner during the calendar year.
*If you need copies of any of these invoices for repairs and maintenance for your Outer Banks rental home, you can view the documents in your Owner Portal. You can get to your Owner Portal from our website If you have not activated and accessed your Owner Portal to view your monthly statements, please contact our office and we can send you an invitation by email to do so. At your Owner Portal, you can also view copies of your Tenant’s lease and Addendums as well as their Move-In Inspection form.
Other items that clients will need to include when forwarding this information to their Accountant for tax preparation are:
-Copy of your paid Dare County tax bill.
-Copies of Insurance bills paid for both Flood and Home Owner’s Insurance.
-Home Owners Association dues paid (if applicable).
-Any other expenses that you paid a vendor directly for at your rental home.
The 1099 form and Profit and Loss statement will be mailed out to you by the end of January. Once we prepare and mail out these documents we will also scan and upload a copy of the 1099 as well as the Profit and Loss Summary to your Owner Portal in case these documents get misplaced or you would like to save them to your computer.
We thank all of our clients for their confidence and partnership in making your Outer Banks Long Term Rental property a success!