For individuals navigating the realm of rental properties, understanding the financial implications and how they affect your overall income is essential. Central to grasping this is the Schedule E Calculation Worksheet, a tool designed to distill complex tax and rental income data into a more manageable form. This worksheet captures a snapshot of a property's financial performance across various categories, such as net rental income or loss, depreciation, amortization, and specific expenses like insurance, mortgage interest, and taxes. By consolidating two years' worth of data, the worksheet aims to average out the net monthly income (or loss) after all relevant expenses, including mortgage payments, are accounted for. This comprehensive approach is not just about understanding past performance but also about planning for the future. By accurately filling out this worksheet, property owners can make informed decisions, whether it’s maneuvering through tax obligations or assessing the profitability of their investment. The Schedule E Calculation Worksheet serves as a linchpin for financial planning, ensuring that property investors have a clear view of where their property stands financially, blending meticulous record-keeping with strategic foresight.
| Question | Answer |
|---|---|
| Form Name | Schedule E Calculation Worksheet Form |
| Form Length | 1 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 15 sec |
| Other names | schedule e calculator, Stmt, HUD-1, PITI |
Rental Income/Schedule E Calculation Worksheet
Property Address: _____________________________________________________________________________
Schedule E - Rental Income |
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yr 20_______ |
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yr 20_______ |
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1. |
Net Rental Income /Loss |
Line 22 |
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1 |
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2. |
Depreciation |
Line 20 |
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2 |
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3. |
Amortization/Casualty |
Line 18 |
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3 |
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4. |
Insurance* |
Line 9 |
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4 |
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5. |
Mortgage Interest |
Line 12 |
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5 |
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6. |
Taxes* |
Line 16 |
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6 |
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7. |
Total Adjusted Net |
Total lines 1 thru 6 (above) |
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7 |
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8. |
Total Adjusted Net Income (Loss) Both Years |
Add Totals (both columns) line 7 (above) |
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9. |
# of Months Rental Income/Expenses Reviewed** |
Months of information in tax returns |
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10. Subtotal Average Income (Loss) For This Property |
Divide line 8 by 9 (above) |
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11. Subtract Full PITI Payments For This Property |
From Credit Report, Mortgage Stmt or Equivalent* |
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12. Average Net Monthly Income (Loss) For This Property |
Subtract line 11 from line 10 (above) |
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*** |
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Property Address: _____________________________________________________________________________
Schedule E - Rental Income |
|
|
yr 20_______ |
|
yr 20_______ |
||
1. |
Net Rental Income /Loss |
Line 22 |
|
1 |
|
|
|
2. |
Depreciation |
Line 20 |
|
2 |
|
|
|
3. |
Amortization/Casualty |
Line 18 |
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3 |
|
|
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4. |
Insurance* |
Line 9 |
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4 |
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|
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5. |
Mortgage Interest |
Line 12 |
|
5 |
|
|
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6. |
Taxes* |
Line 16 |
|
6 |
|
|
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7. |
Total Adjusted Net |
Total lines 1 thru 6 (above) |
|
7 |
|
|
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8. |
Total Adjusted Net Income (Loss) Both Years |
Add Totals (both columns) line 7 (above) |
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|
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9. |
# of Months Rental Income/Expenses Reviewed** |
Months of information in tax returns |
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10. Subtotal Average Income (Loss) For This Property |
Divide line 8 by 9 (above) |
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11. Subtract Full PITI Payments For This Property |
From Credit Report, Mortgage Stmt or Equivalent* |
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12. Average Net Monthly Income (Loss) For This Property |
Subtract line 11 from line 10 (above) |
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*** |
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*Add back insurance & taxes to expenses (Lines 4 & 6) ONLY if you are certain they are included in the payment from the credit report or mortgage statement being subtracted on Line 11. **Assume 12 months of rental income/expenses for each tax year, unless other documentation (i.e.
***If the Average Monthly figure is Income (Positive), include it in the borrower's monthly qualifying income. If the Average Monthly Figure is a Loss (Negative), included it in the borrower's monthly debts (liabilities).
COR 0602 (1/10/11)