Tax season can be an intimidating time for even the most seasoned professionals. When faced with complex forms like the Schedule E Calculation Worksheet, there can be a lot of questions. Are you able to accurately file your taxes and use this form? What information do you need when filling out this form? This blog post aims to help guide you through understanding the Schedule E Calculation Worksheet Form so you are well equipped to complete it correctly!
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 |
|
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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|
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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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*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)