February 2025 Blog
As we step into February, we would like to update you on important financial matters and property management best practices to help you stay informed and maximize your investments. Below are key updates and reminders:
1099 Forms Now Available in Your AppFolio Owner Portal
Your 1099 tax forms have been uploaded to your AppFolio Owner Portal and are ready for retrieval. Please log in to your portal to download the document for your records and provide it to your tax preparer as needed. If you have any trouble accessing your 1099, feel free to reach out to our office for assistance.
Generating Your Own Cash Flow Reports for Tax Preparation
To streamline your tax preparation, you can generate a cash flow report for specific date ranges directly in your AppFolio Owner Portal. This report can provide your tax accountant with a clear breakdown of rental income, expenses, and other financial details related to your property. If you need guidance on running these reports, please contact us, and we will be happy to assist you.
Form 592 for Out-of-State Owners
For our out-of-state owners, please note that Form 592 has been mailed to your registered address. This form is necessary for compliance with California tax withholding requirements. If you have not received your Form 592 or have any questions regarding it, please let us know as soon as possible so we can provide a duplicate or further clarification.
The Importance of Capital Improvements
Capital improvements are a key factor in maintaining and increasing the value of your rental property. Unlike routine repairs, capital improvements—such as new roofing, flooring, kitchen renovations, or HVAC upgrades—can enhance your property’s longevity and appeal to tenants. Additionally, many capital improvements may be eligible for tax write-offs through depreciation, providing potential long-term financial benefits. We encourage you to consult your tax advisor to understand the advantages for your specific situation.
If you are considering upgrades or major repairs, we invite you to schedule a property walkthrough with us. Our team can assess your property’s condition, discuss recommended improvements, and coordinate necessary upgrades with trusted vendors to ensure quality work and cost efficiency.
Schedule a Walkthrough Today
To arrange a walkthrough of your property and discuss potential capital improvements, please contact our office at your earliest convenience. We are happy to provide guidance and coordinate upgrades that will enhance both the short-term and long-term value of your investment.
As always, we appreciate your trust in Pacific Grove Property Management. Please feel free to reach out with any questions or concerns. Best regards,
Pacific Grove Property Management