Schedule E Calculation Worksheet Form PDF Details

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!

QuestionAnswer
Form NameSchedule E Calculation Worksheet Form
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namesschedule e calculator, Stmt, HUD-1, PITI

Form Preview Example

Rental Income/Schedule E Calculation Worksheet

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 Loss/One-Time Expenses

Line 18

 

3

 

 

4.

Insurance*

Line 9

 

4

 

 

5.

Mortgage Interest

Line 12

 

5

 

 

6.

Taxes*

Line 16

 

6

 

 

7.

Total Adjusted Net

Total lines 1 thru 6 (above)

 

7

 

 

8.

Total Adjusted Net Income (Loss) Both Years

Add Totals (both columns) line 7 (above)

 

 

 

 

9.

# of Months Rental Income/Expenses Reviewed**

Months of information in tax returns

 

 

 

 

10. Subtotal Average Income (Loss) For This Property

Divide line 8 by 9 (above)

 

 

 

 

11. Subtract Full PITI Payments For This Property

From Credit Report, Mortgage Stmt or Equivalent*

 

 

 

 

12. Average Net Monthly Income (Loss) For This Property

Subtract line 11 from line 10 (above)

 

***

 

 

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 Loss/One-Time Expenses

Line 18

 

3

 

 

4.

Insurance*

Line 9

 

4

 

 

5.

Mortgage Interest

Line 12

 

5

 

 

6.

Taxes*

Line 16

 

6

 

 

7.

Total Adjusted Net

Total lines 1 thru 6 (above)

 

7

 

 

8.

Total Adjusted Net Income (Loss) Both Years

Add Totals (both columns) line 7 (above)

 

 

 

 

9.

# of Months Rental Income/Expenses Reviewed**

Months of information in tax returns

 

 

 

 

10. Subtotal Average Income (Loss) For This Property

Divide line 8 by 9 (above)

 

 

 

 

11. Subtract Full PITI Payments For This Property

From Credit Report, Mortgage Stmt or Equivalent*

 

 

 

 

12. Average Net Monthly Income (Loss) For This Property

Subtract line 11 from line 10 (above)

 

***

 

 

*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. HUD-1) proving date of property acquisition has been provided

***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)