Rental Property Accounting in Tacoma, Built for Your Tax Return
One monthly statement you can actually read, rent deposited straight to your bank by ACH, and a year end package your CPA can work from without calling you. No fee for the 1099. No fee for the end of year statement.
Most owners do not want a shoebox in April
If you self-manage, the accounting quietly eats your weekends. Rent hits your personal checking account. Repair receipts live in three places. Then in February you rebuild twelve months of a rental business from bank statements and memory, and you either overpay your taxes or take a deduction you cannot support.
Professional management does not make that work disappear. It moves it. We do the recordkeeping as it happens, in one system, so the year end package is a byproduct instead of a project.
Our Finance Director, Daniela Christensen, spent 25 years as finance director of an import and export business. Our Managing Broker, Adiam Mehretab, holds a finance degree from the University of Oregon.
The AppFolio owner portal
Every owner gets a login to the AppFolio owner portal at redroofrentals.appfolio.com, at no extra fee. Inside it: monthly owner statements, current and historical. Every bill and vendor invoice with the source document attached. Rent received by date, per unit. Work orders and their status. Lease documents, the signed move-in checklist and inspection reports. Your 1099 and end of year statement when issued.
You are not waiting on our office hours to find out whether rent came in. You log in and look.
What is on your monthly statement
The statement lands the same way every month, so you learn to read it in about a minute.
-
Rent collected per unit with the date received. Other income such as late fees or pet rent is listed separately. [CONFIRM WITH CLIENT: who retains tenant late fees under the management agreement. State it plainly here and on the pricing page.
-
Every disbursement, itemized, with the vendor named and the invoice attached. The management fee is its own line. Leasing fees, lease renewal fees and city code compliance fees appear only in the month they are charged, and they match the published amounts on our pricing.
-
What was deposited to your bank, and on what date.
-
Cash held for your property, including any maintenance reserve, and the security deposit held in trust.
-
A running total of income and expense by category.
ACH direct deposit, straight to your bank
Your money moves by ACH direct deposit to the account you designate. No paper checks, no mail delay, no trip to the bank, and no fee. If you own more than one property with us, distributions can be grouped or split. Out of state owners and owners deployed from Joint Base Lewis-McChord rely on this, because the property runs whether or not you are in the same time zone.
Security deposits are held in trust, and the law is specific
This is the part almost no competitor explains, and it is what protects you if a deposit is ever disputed.
Under RCW 59.18.270, a security deposit must be held in a trust account maintained by the landlord or the landlord’s agent at a bank, savings and loan association, mutual savings bank, credit union or licensed escrow agent located in Washington, and the tenant must be given written notice of the name and address of the depository. The deposit stays the tenant’s money until the landlord is entitled to it.
Red Roof Rentals holds tenant security deposits in a Washington trust account, never commingled with operating funds, and the written notice of the depository goes to the tenant. Your statement shows the deposit as held in trust, not as income, because it is not income.
At move-out, the accounting side and the inspection side work from the same file. The itemized statement goes out within 30 days of the end of the tenancy, with estimates or paid invoices attached, as RCW 59.18.280 requires. There is no security deposit disposition fee.
Year end, at no extra fee
In January you get two things:
Your end of year statement A full year of income and expense by category for the property, in one document. No fee.
Your 1099 Issued and filed. No fee.
Many companies in this market charge for one or both. We do not, and that is on our published fee comparison in our pricing.
What to hand your CPA
Give your accountant these five things and most rental returns get straightforward.
01
The end of year owner statement from Red Roof, which gives gross rents received and operating expenses by category.
02
Your mortgage interest statement, form 1098, from your lender.
03
Property tax and insurance records, if you pay them directly rather than through escrow.
04
Your basis and improvement records: the purchase settlement statement and receipts for capital improvements.
05
Your 1099.
One thing to raise with your CPA: repairs and capital improvements are treated differently. Our statement itemizes each expense with the invoice attached, so your CPA can make that call from the source document rather than from a label we assigned.
We are property managers, not tax advisers. We do not give tax advice. We give your tax adviser clean records.
Questions about your statements?
You should always know how your rental is doing. Our owners get clear monthly statements and year-end reports through their online portal. Send us a message and we will show you what you get.
- Reports you can read. Monthly statements and year-end summaries, ready for tax time.
- A real person reads every message. No bots, just our local team.
- Quick replies. Most messages get a response within one business day.
- No pressure. Property owners can ask questions with no obligation.
Related services
Explore more property management services.
Most owners use a few of these together. See how each one works.
FAQ
-
By ACH direct deposit to your bank account, with a monthly owner statement showing what was collected, what was paid out and what was deposited to you. There is no fee for ACH owner payment or for the monthly statement. Both are included in the management fee.
-
In a trust account at a Washington financial institution, as RCW 59.18.270 requires, and never mixed with operating money. The tenant receives written notice of the name and address of the depository. Your statement shows the deposit as held in trust rather than as income, because it belongs to the tenant until the landlord is entitled to it.
-
No. Your 1099 and your end of year owner statement are both issued at no fee. Several companies in this market charge for one or both. Compare the full structure on our pricing, including no setup fee, no inspection fees and no deposit disposition fee.
-
Yes. The AppFolio owner portal is available around the clock at no extra fee. It holds current and past statements, vendor invoices with the source document attached, rent received by date, work order status, lease documents and inspection reports.
-
Your end of year owner statement and your 1099 cover gross rents and operating expenses. You add your mortgage interest form 1098, property tax and insurance records if you pay them directly, and your purchase and improvement records for depreciation.
See a real statement before you decide
Screening is included in our management fee at no extra charge. Book a consult and we will walk through the criteria we would set for your property, the Tacoma income cap that applies to it, and what your exposure looks like today.
Call 253.222.3387 or email support@redroofrentals.com. 14208 Pacific Ave., Unit #2, Tacoma, WA 98444. Monday through Friday, 9:00am to 4:00pm. Weekends by appointment.