What to Request From Your STR Manager Before a Study
Collect the inventory, vendor records, property timeline, and capital-charge detail a cost segregation provider and CPA need from an STR manager.
Ask for the records the manager actually controls
A property manager may hold furnishing inventories, project invoices, booking histories, maintenance records, and photographs. The owner still needs acquisition documents and tax schedules from other sources. Send a bounded request identifying the property and time period so the manager can produce an organized file instead of an unfiltered export of every operating transaction.
Request underlying detail for capital charges
A statement may show a single refresh charge that includes repairs, supplies, furniture, and installation. Ask for the vendor invoices, item descriptions, and the unit where each item was installed. Reconcile the invoices to the amount withheld from distributions or paid by the owner. Ask the preparer to evaluate the nature of the spending rather than adopting the manager’s bookkeeping category automatically.
Confirm ownership of manager-supplied items
Some arrangements include items owned or supplied by the operator. Read the management agreement and obtain clarification about who paid for and owns the relevant assets. A piece of furniture visible in the rental is not necessarily an owner asset. Label uncertain items and resolve ownership before the study provider includes them in a component inventory.
Use an operational timeline
Ask when the property first became available to guests, when significant work occurred, and when the guest configuration changed. Keep the supporting communications and records. Separate owner-use information from guest reservations for the preparer’s review. These records help describe operation; they do not by themselves establish material participation or eligibility for a deduction.
A concise records request
Please provide the current inventory, available prior inventories, invoices behind furnishing or improvement charges, project completion records, and photographs for the property and period identified. Please explain which items are manager-owned, which charges were reimbursed, and which assets were moved or replaced. We also need the availability timeline and a list of missing records so the owner can reconcile the file before commissioning the study.
Use a secure handoff and resolve exceptions
Agree on a secure transfer method with the owner and provider. Avoid public forms or shared links containing guest personal information, tax returns, or account details. Send only the records relevant to the study and coordinate unanswered questions with the return preparer. Review the property-level document index together so everyone knows which evidence is final and which remains outstanding.
Download the property record handoff index. Blank organizing worksheet; no login required.
Technical reference: IRS cost segregation audit techniques guide. Templates and examples are organizational aids, not tax conclusions.