From the Wyo Stays team. Educational information, not tax advice. Your CPA prepares your return.
Tax season is painful when it's a shoebox reconstruction and easy when it's a clean hand-off. A year-end owner tax packet is that clean hand-off — everything your CPA needs, already organized. Here's what belongs in one.
What a great packet contains
- Income summary — gross rental revenue by month and channel (direct vs OTA), plus any other income.
- Expense summary, categorized — cleaning, supplies, management, channel fees, utilities, repairs, maintenance, insurance, taxes, etc. (see the Schedule E Cheat Sheet).
- Repairs vs. improvements flagged — they're treated differently; separating them saves your CPA time and you money.
- Depreciation schedule — the building and any cost-seg components; carryover from prior years.
- Furnishings/capital purchases for the year (potentially depreciable/bonus-eligible).
- 1099s issued to contractors paid $600+ and any received.
- Mileage log and material-participation hours (see that log), if pursuing non-passive treatment.
- Mortgage interest & property tax statements.
- Copies of key receipts for the big items.
Why it matters
- You capture more deductions — nothing falls through the cracks.
- Your CPA works faster and cheaper — from a document, not a mess.
- You're audit-ready — organized records are your best defense.
The habit that makes it easy
Keep the books current monthly (see the Bookkeeping & P&L Tracker), use a separate account for the rental, and the packet assembles itself in December instead of a panicked April.
What Wyo Stays owners get
We keep managed properties on clean, categorized books and hand owners a tax-ready packet at year-end — mirroring the best feature of the big platforms, with a local human behind it.
→ Unlock the sample packet + checklist, or → get a free evaluation.