Lease and property
Commercial lease and property checklist
A commercial lease creates more than a rent payment. It creates a set of operating costs, a deposit, a renewal option and a landlord relationship that shows up in the books and the tax return. This checklist covers the documents to collect for each leased property, so the rent, CAM, taxes and insurance are recorded from the lease instead of from memory.
Who sends itSent by the bookkeeper or tax preparer to a business client that leases an office, warehouse, retail space or equipment, at onboarding or before the year-end close.
0 of 21 ticked
01Lease documents
02Rent and operating costs
03Property and use
04Insurance and compliance
05Payments and records
What firms get wrong
- Recording only the base rent and missing the CAM, tax and insurance pass-throughs.
- Treating a refundable security deposit as rent and deducting it.
- Missing the renewal notice deadline and losing the option.
- Not keeping the CAM reconciliation, which makes the operating expense deduction harder to support.
- Filing the lease without the amendments that changed the rent or the term.
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Questions about this checklist
What lease documents should a business keep?
Keep the signed lease and every amendment, the rent schedule, the CAM reconciliations, the property tax pass-through, the insurance certificate and the security deposit receipt. These documents support the rent and operating expense deductions.
What is a CAM reconciliation?
CAM stands for common area maintenance. The landlord reconciles the actual operating costs for the property against the estimates the tenant paid, and charges or credits the difference.
Is a security deposit deductible?
A security deposit is generally not deductible when paid because it is refundable. The rent is deductible when it is due, and the deposit is recorded as an asset until it is returned or applied.
What is an estoppel certificate?
An estoppel certificate is a statement the tenant signs for a landlord or lender confirming the lease terms, the rent and that there are no undisclosed defaults. It is common when the property is sold or refinanced.
How should a lease renewal be handled?
Review the renewal notice deadline in the lease, send the notice in writing and keep the confirmation. A missed deadline can leave the tenant without the renewal option.
Sources
Checked November 3, 2026. Tax rules, forms and thresholds change; confirm them with the IRS or your tax software before relying on them.
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