Real Estate Income and Expense Statements (RPIE)

As I was reading my tax bill for my multi-family house, I came across a notice that owners renting their properties out need to file this form called Real Estate Income and Expense Statement on a yearly basis. This is total news to me. Has anyone done this before? Is it onerous? Seems like failing to file can incur serious tax penalty. Anyone has experience with this?

Any info would be greatly appreciated.

Thank you.

deva

in General Discussion 8 years and 3 months ago

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Arkady | 8 years and 3 months ago

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I fill it out every year & it has helped me get the RE tax lowered since I can show that the costs of upkeep & improvements take a sizable chunk out of the net. You probably already have all the numbers if you use those kinds of expenses on your IRS filings.

resident2 | 8 years and 3 months ago

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Do not fill it out!
If you are in the multi family tax class, (I forget for the moment which it is) but if you are getting this notice then you probably are, the City will slowly increase your RE tax bill to approximately 1/3 of the gross rent!!!
Only fill it out if your tax bill is already at that level, they will (maybe) then stop keep increasing your bill.
How are landlords supposed to pay for heat, hot-water, insurance, make improvements, repairs and properly maintain their buildings if 1/3 goes to taxes?!!

lgwlcvqt | 8 years and 3 months ago

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If your units are only residential, you indicate that on the form and submit. You’re exempt from filling that out. You can do it online as well.
I’ve been filling it out for years that way but might actually give my income and expenses as what they have for my income is almost double then what it is in reality

lgwlcvqt | 8 years and 3 months ago

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If your units are only residential, you indicate that on the form and submit. You’re exempt from filling that out. You can do it online as well.
I’ve been filling it out for years that way but might actually give my income and expenses as what they have for my income is almost double then what it is in reality