How to report rental income on Schedule E

Article ID: 59739  

How to report rental income on Schedule E


If you owned rental properties, you need to report the rental income and expenses on Schedule E. Have your rental income report ready and gather all of the expenses for the rental property, and if you are looking to prepare and efile your Schedule E yourself.

Follow this document to file your Schedule E for Rental Income:

  1. If you don't have a tax account, start at our homepage to create your account.

  2. Within your federal tax return, locate the Income section and scroll downt to the section Rental, Royalty, Partnership, S Corp, Trust (show more),select Rental Real Estate and Royalties Income/Loss Schedule E

  3. Select the type of property you wish to claim on Schedule E: Rental Real Estate or Royalties

  4. Enter information about the property, such as the location and name of the owner of the property and percentage of ownership, if less than 100%.

  5. Enter the number of days the home was available for rent but not rented, number of days rented, and number of days used for personal use.

  6. If you have allowable rental expenses, such as carryover from the prior year or casualty and loss expenses, enter these on the next lines.

  7. Enter the amount of rent you have received. If you are filling out Schedule E for royalty income and have already entered a 1099-MISC, leave this line blank or your income will be doubled.

  8. Enter any expenses related to the property.

  9. To figure depreciation on the property, please select Form 4562 from the Income Section Checklist to depreciate the property.

  10. Enter information for Form 8582: Passive Activity Loss Limitations to figure any Passive Activity Loss Limitation for your rental real estate.

This should get you started on your Schedule E.

By answering the Schedule E interview questions, your tax return will be done quickly. By selecting to efile your income tax return, you will receive the efile status from the IRS in no time. Efile is only available for current year tax return.


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Views: 2327 Created on: Jun 15, 2013