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Support Center > Knowledge base> Category: Schedule E - Rental, Real Estate, and Royalty Income
Category: Schedule E - Rental, Real Estate, and Royalty Income
13 Articles
Orange arrow Schedule E - Supplemental Income and Loss

  Use Schedule E (Form 1040) to report income or loss from rental real estate (including personal property leased with real estate), royalty income and expense, income or loss from estates or trusts, farm rental income and expenses based on crops or livestock produced by the tenant, income or loss fr...
Orange arrow Schedule K1-1065

  Purpose of Schedule K-1 The partnership uses Schedule K-1 to report your share of the partnerships income, credits, deductions, etc. Although the partnership generally is not subject to income tax, you are liable for tax on your share of the partnership income, whether or not distributed. Include ...
Orange arrow Schedule K1 - Form 1120S

  Purpose of Schedule K-1 Although the corporation may have to pay a built-in gains tax and an excess net passive income tax, you are liable for income tax on your share of the corporations income, whether or not distributed, and you must include your share on your tax return if a return is required...
Orange arrow Form 8582 Passive Activity Loss Limitations

  Purpose of Form Form 8582 is used by noncorporate taxpayers to figure the amount of any passive activity loss (PAL) for the current tax year. A PAL occurs when total losses (including prior year unallowed losses) from all your passive activities exceed the total income from all your passive activ...
Orange arrow Form K-1 (1041) - Purpose of Form

  Purpose of Form Use Schedule K-1 to report your share of the estate's or trust's income, credits, deductions, etc. Keep it for your records. Do not file it with your tax return. A copy has been filed with the IRS. Inconsistent Treatment of Items: Generally, you must report items shown on your Sc...
Orange arrow Farm Income Expense - Labor Hired

  Enter the amounts you paid for farm labor. Do not include amounts paid to yourself. Reduce your deduction by the amounts claimed on: Form 5884, Work Opportunity Credit, line 2; Form 8844, Empowerment Zone Employment Credit, line 2; Form 8845, Indian Employment Credit, line 4; and Form 8932, Cre...
Orange arrow Expenses for Schedule E

  You can deduct all ordinary and necessary expenses, such as taxes, interest, repairs, insurance, management fees, agents' commissions, and depreciation. Do not deduct the value of your own labor or amounts paid for capital investments or capital improvements. Renting out part of your home. If you...
Orange arrow Travel Expenses for Schedule E

  Expenses for Travel You can deduct ordinary and necessary auto and travel expenses related to your rental activities, including 50% of mean expenses incurred while traveling away from home. You generally can either deduct your actual expenses or take the standard mileage rate. You must use actual...
Orange arrow Activities of Real Estate Professionals

  Activities of Real Estate Professionals If you were a real estate professional in the tax year, any rental real estate activity in which you materially participated is not a passive activity. You were a real estate professional only if you met both of the following conditions. More than half o...
Orange arrow Are my home mortgage points deductible?

  The term "points" is used to describe certain charges paid to obtain a home mortgage. Points may be deductible as home mortgage interest, if you itemize deductions on Form 1040, Schedule A (PDF). If you can deduct all of the interest on your mortgages, you may be able to deduct all of the points pa...
Orange arrow Do I have to file Form 8582?

  Exception for Certain Rental Real Estate Activities If you meet all of the following conditions, your rental real estate losses are NOT limited by the passive activity loss rules. If you do not meet all of these conditions, see the Instructions for Form 8582 to find out if you must complete and a...
Orange arrow Exclusion on Sale of Main Home

  Ownership and Use Tests To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years (the ownership test), and Lived in the home as your main home f...
Orange arrow What is Pro Rata share of interest expenses on Form 1116?

  These include: Home mortgage interest. If your gross foreign source income (including income excluded on Form 2555 or Form 2555-EZ) does not exceed $5,000, you can allocate all of your interest expense to U.S. source mortgage interest (including points and income. Otherwise, deductible home qua...

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