A year-end TPR checklist for property owners and their CPAs

1. Gather the year’s property work

Pull the general ledger and vendor records for repairs, maintenance, capital projects and related work. Compare them with the property manager’s project list so jobs recorded in different accounts are not overlooked.

• Assign a property and project identifier.
• Attach contracts, invoices and change orders.
• Record purpose, scope and completion or service dates.
• Identify insurance, casualty, tenant or ownership issues for separate review.

2. List what left service

Ask managers about removed roofs, HVAC equipment, interiors and other components. Preserve retirement dates and evidence even when the tax schedule lists only the building. A disposition review depends on more than the existence of a new asset invoice.

Match the retirement list to prior additions and cost segregation records. Flag missing original costs or unexplained balances rather than assuming the current replacement price is an acceptable write-off.

3. Reconcile policies, totals and elections

Locate the expensing policy used at the beginning of the year and the relevant book treatment. Have the CPA identify applicable safe harbors, required elections and the annual totals needed for each building.

• Separate per-item questions from annual building expenditure limits.
• Include the appropriate repair, maintenance and improvement costs in annual reviews.
• Identify election statements required with the original return.
• Keep prior elections and method-change records accessible.

4. Agree on the implementation plan

Put the relevant tax years and actual filing deadlines in the handoff. Filing dates vary by taxpayer and circumstances; a generic calendar date is not a substitute for the preparer’s schedule.

Current-year treatment, a historical accounting-method correction and a partial-disposition election require distinct procedural analysis. Ask who will prepare each item, who will review it and what evidence will confirm implementation.

5. Close the loop after review

Reconcile the approved conclusions to the fixed asset records and return workpapers. Save the final schedules alongside the technical narrative and unresolved-item log. If a decision is deferred, record why and when it will be revisited.