Tangible Property Regulations Organizer
Please answer the following questions IF:
*You are a sole proprietor or single member LLC and file Schedule C, a partnership, LLC, S
corporation or C corporation doing business in 2013 that was also an active business in 2014 (even
for one day);
*You had a rental property during 2013 that was also an active rental in 2014 (even for one day); or
*You had rental property in prior years that was reinstated as a rental property in 2014.
1. Taxpayer Information
a. Taxpayer Name _________________________________________________________
b. Today’s Date ___________________________________________________________
2. Unit of Property, Repairs, Maintenance, Improvements (184)
a. Do we have a complete list of all tangible assets dating back to the
date the rental property was first placed in service or the business
was first started? _________________________ Yes___No___No Tangible Assets___
b. If not, please provide a complete list of all tangible assets even if you no longer have
them. You only need to list amounts whose initial cost was greater than $200. Check
your past depreciation schedules and send us any additional sheets as necessary.
Asset Type/
Date Purchased
Initial Asset Cost
Still own? Yes/No
Description
c. Do/did you lease any of your tangible assets from third parties? _______ Yes___No___
d. If yes, please provide a complete list of all leased assets dating back to
the date the rental was first placed in service or the business was first started.
Asset Type/
Date of Lease
Initial Cost of Asset Still leased? Yes/No
Description
Lease
e. Since the first date of your rental or business: Have you made any major
repairs to or performed significant maintenance on any of your tangible assets?
(e.g., repaired roof, performed maintenance on furnace or a/c unit, etc.)? Yes___No___
f. If yes, please provide an itemized list of all major repairs and significant maintenance for
each asset including description, date completed and cost.
Asset Type/
Description of
Date Completed
Cost
Description
Repair/Maintenance
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3. Betterments - Betterments, restorations and adaptations generally require capitalization.
a. Have you ever fixed or upgraded a material condition or material
defect that existed before you placed the property in service? _________ Yes___No___
b. Have you ever made a material addition to a unit of property
such as an addition to a house? ________________________________ Yes___No___
c. Have you ever done work to tangible property that resulted in a material
increase in productivity or output? ______________________________ Yes___No___
d. If yes to any of the above three questions please provide an itemized list of all
betterments including description of the betterment, date completed, and cost.
Description of Betterment
Date Completed
Cost
4. Restorations
a. Have you ever replaced or restored more than 30% of an item of tangible
property (e.g. more than 30% of the square footage of a roof or more than
30% of the windows in a building or more than 30% of the square flooring
in a home, etc.)? ____________________________________________ Yes___No___
b. If yes, please provide an itemized list of all restorations including, description, date
completed, and cost. Please provide whether the restoration was due to a casualty or
other loss (e.g. replaced more than 30% of the square footage of a roof after a storm or
because of the state of disrepair when purchased a new property.)
Description of
Date of Restoration Cost
Reason for
Restoration
Restoration
5. Adaptations
a. Have you ever adapted any of your tangible property to a new or different
use (for example, converting a barn to a residential rental, or adapting a
car engine for work as an electric generator, etc.)? __________________ Yes___No___
b. If yes, please provide an itemized list of adaptations including a description
of the old use and new use, date completed and cost.
Description of
Description of
Date Completed
Cost
Adaptation – Old
Adaptation – New
Use
Use
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6. Routine Maintenance
a. Do you perform routine maintenance on any of your tangible assets?
Maintenance is routine if it is a recurring activity that you expect to
perform more than once during a 10-year period for a building or during
he asset's class life for other tangible assets, beginning when you placed
the asset in service, and it is required in order to keep an asset in
efficient operating condition. __________________________________ Yes___No___
b. If yes, please provide an itemized list of routine maintenance including a description,
date completed and cost.
Description of Maintenance Date Completed
Cost
7. Regulated Industry (185)
a. Is your business in a regulated industry (i.e., an industry subject
to the rules of the Federal Energy Regulatory Commission, the Federal
Communications Commission, or the Surface Transportation Board)? __ Yes___No___
8. Dispositions (21, 196, 205, 206)
a. Have you ever disposed of a tangible asset or a portion of a tangible
asset (e.g. disposed of an old roof rather than repairing, replaced an
HVAC, replaced a furnace, etc.)? _______________________________ Yes___No___
b. If yes, please provide an itemized list of all dispositions with the following information:
i. detailed description of the fully or partially disposed asset,
ii. date of disposition,
iii. whether it was a partial disposition and the percentage of the asset disposed of
(e.g. replaced roof on one part of house which is 60% of the square feet of the
roof),
iv. the reason of the disposition (e.g. needed to replace a leaky roof, wanted to
change the style of shingles to match the new siding), and
v. all costs associated with the removal (only) of the disposed asset or portion of
asset.
Description of
Date of
Percentage of
Reason for the
All Costs
Full or Partial
Disposition
Asset Disposed Disposition
Associated
Disposition
of
with Removal
of Disposed
Asset
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9. Materials and Supplies (186, 187, 188, 189) Analysis is now required to determine whether
materials and supplies should be capitalized or expensed. Do/did you have any of the
following materials or supplies?
a. Bulk materials (e.g. fuel, water, lubricants and similar items) expected
to be used in 12 months or less, ________________________________ Yes___No___
b. Standby emergency spare parts - materials and supplies acquired for a
particular machine in a taxpayer's business and set aside to avoid
substantial operational time loss; not subject to periodic replacement
or acquired in quantity, repaired or re-used _______________________ Yes___No___
c. Rotable spare parts - materials and supplies acquired for installation on
a unit of property, removable from that unit of property, generally repaired
or improved, and either installed on the same or other property or stored
for later installation (e.g. a delivery service keeps an inventory of spare
parts to keep its fleet of delivery vehicles in working order) __________ Yes___No___
d. Temporary spare parts - materials and supplies used temporarily until
a new or repaired part can be installed; temporary part is then removed
and stored for later emergency or temporary installation (e.g. a company
selling and servicing copy machines keeps a stock of frequently replaced
parts on hand so that a customer does not have down time while a part
is being repaired) ____________________________________________ Yes___No___
e. Units of property with life or less than one year ____________________ Yes___No___
f. Units of property with cost of $200 or less ________________________ Yes___No___
g. Do you keep a record of consumption of these materials and supplies? __ Yes___No___
h. Do you perform a physical inventory of these materials and supplies at
the beginning of or end of year? ________________________________ Yes___No___
i. A component needed to maintain, repair or improve a unit of property
(e.g. cleaners, light bulbs, spare windows, printer toner, etc. __________ Yes___No___
10. Leased Property (175, 199)
a. Have you ever made expenditures for the erection of a leased building
or for other permanent improvements on lease property? _____________ Yes___No___
b. If yes, please provide a detailed description of the expenditures, the date
completed and the amount spent.
Description of the
Date Completed
Amount Spent
Expenditures
11. Depreciation of Tangible Assets (7, 176, 180, 200)
a. Have you previously provided a tax depreciation schedule for all assets
since inception of the business or rental? If not, please provide separately
for all assets the business has operated. __________________________ Yes___No___
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12. Dealer and Non-dealer Commissions and Other Transaction Costs that Facilitate the
Sale of Property (190, 191)
a. Did you sell any real or personal property (e.g. house, land, truck,
boat, etc.) in 2014? __________________________________________ Yes___No___
b. If yes, for every real or personal property you sold or incurred costs to sell and then
abandoned the sale, please provide the property description (real estate, truck, boat); date
sold or date abandoned sale; whether it was used in your business or trade; if you
incurred sales commissions, legal fees, recording fees, appraisal fees, etc. (list type, date
incurred even if in a prior tax year and amount).
Property
Date Sold or Date
Was it used in your Did you incur any
Description
Abandoned Sale
trade or business?
commissions or fees
listed above?
13. Acquisition or Production Costs (192, 193)
a. Did you acquire real or personal property for use in your trade or
business at any time since the start of your business (e.g.,
refrigerators, microwave, printers, computers, etc.)? ________________ Yes___No___
b. Did you create or produce personal property for use in your trade
or business? ________________________________________________ Yes___No___
c. If yes to either of the above questions, please provide an itemized list of all expenses
associated with the acquisition or production of all real and personal property for your
business. These expenses include invoice price, costs for work done on the property
before placing it in service, shipping/moving fees, securing an appraisal, negotiation or
structuring the transaction, tax advice, application fees, bidding costs, professional fees
to prepare and review bid, offer and contracts, examining title, obtaining regulatory
approval, sales and transfer taxes, title registration fees, finders fees, brokers fees,
architectural, geographical, survey, inspection services.
Description of Cost
Date of Cost
Cost
d. Are any of the expenses provided in the itemized list related to investigating
whether to buy real property or identifying a location to purchase
real property? _______________________________________________ Yes___No___
e. If yes, please identify these expenses separately and indicate whether the property was
ever acquired.
Description of
Date of Expense
Amount of Expense Property Acquired?
Expense
Yes/No
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f. Did you incur any expenses to defend or perfect the title of your property
(i.e., to contest condemnation, to invalidate an ordinance, challenge a
building line)? ______________________________________________ Yes___No___
g. If yes, please provide details including description of the expense, the date paid and the
amount of the expense.
Description of Expense
Date Paid
Amount of Expense
14. Signature
a. To the best of my knowledge, the responses I have entered are correct and
include all income, deductions, and other information necessary for the
preparation of this year's income tax returns for which I have adequate
contemporaneous records. This is considered your final tax organizer.
If you wish to make any changes, please contact us. ________________ Yes___No___
b. Please enter the name of the individual completing this tax organizer. ______________
c. Today's Date ___________________________________________________________
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