Are you a small business owner? Have you ever had to submit your own taxes? If so, then you’re probably familiar with the IRS's Schedule E — the form for reporting income and other information about rental properties. This important document is used by landlords, real estate investors, and rental businesses to report their taxable earnings from renting out property. With this blog post, we’re here to provide a comprehensive guide on how to file this crucial form correctly in order to stay compliant with IRS regulations — so that tax day can go smoothly!
| Question | Answer |
|---|---|
| Form Name | Us Tax Form Schedule E |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | schedule e form 1040, irs schedule b, print schedule e, irs forms schedule e |
ORGANIZER |
Page 1 |
2012
1040
US
Rental & Royalty Income (Schedule E)
No.
18
Please enter all pertinent 2012 amounts. Last year's amounts are provided for your reference.
RENTAL & ROYALTY INCOME (Schedule E)
2012 Amount |
2011 Amount |
Description of property. . . . . . . . .
Street address . . . . . . . . . . . . . . . .
City. . . . . . . . . . . . . . . . . . . . . . . . . .
State. . . . . . . . . . . . . . . . . . . . . . . . .
ZIP code . . . . . . . . . . . . . . . . . . . . .
Type of property (see table) . . . .
Other type of property. . . . . . . . . .
Number of days rented. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GENERAL INFORMATION
Percentage of ownership if not 100% (.xxxx). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Percentage of tenant occupancy if not 100% (.xxxx). . . . . . . . . . . . . . . . . . . . . . . .
1=spouse, 2=joint. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1=qualified joint venture. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If required to file Form(s) 1099, did you or will you file all required Form(s) 1099: 1=yes, 2=no. . .
1=nonpassive activity, 2=passive royalty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1=did not actively participate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1=real estate professional. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1=rental other than real estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1=investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1=single member limited liability company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INCOME
Rents or royalties received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Type of Property
1 = Single Family Residence
2 =
3 =
4 = Commercial
5 = Land
6 = Royalties
7 =
2012 Amount |
2011 Amount |
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DIRECT EXPENSES
NOTE:Direct expenses are related only to the rental activity. These include rental agency fees, advertising, and office supplies.
Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Association dues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Auto and travel (not entered elsewhere) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cleaning and maintenance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gardening. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal and professional fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Licenses and permits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Miscellaneous. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mortgage interest (paid to banks, etc.). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Qualified mortgage insurance premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess mortgage interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other interest (not entered elsewhere). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Painting and decorating. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NOTE: If you purchased or disposed of any business assets, please complete Sheet 22.
18
Series: 53 |
Rental & Royalty Income (Schedule E) |
ORGANIZERPage 2
2012 |
1040 |
US |
Rental & Royalty Income (Sch. E) (cont.) |
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Please enter all pertinent 2012 amounts. Last year's amounts are provided for your reference. The indirect
expense column should only be used for vacation homes or less than 100% tenant occupied rentals.
DIRECT EXPENSES (continued)
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Direct expenses are related only to the rental activity. These include |
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rental agency fees, advertising, and office supplies. |
2012 Amount |
2011 Amount |
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Pest control |
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Plumbing and electrical |
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Repairs |
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Supplies |
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Taxes - other (not entered elsewhere) |
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Telephone |
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Utilities |
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Wages and salaries |
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Other: |
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OIL AND GAS
Production type (preparer use only) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cost depletion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Percentage depletion rate or amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State cost depletion, if different
State % depletion rate or amount, if different
VACATION HOME
Number of days personal use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Number of days owned (if optional method elected). . . . . . . . . . . . . . . . . . . . . . . .
INDIRECT EXPENSES
NOTE:Indirect expenses are related to operating or maintaining the dwelling unit.
These include repairs, insurance, and utilities.
. .Advertising |
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Association dues |
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Auto and travel (not entered elsewhere) . . |
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Cleaning and maintenance |
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THIS |
Commissions |
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Gardening |
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....USE |
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Insurance |
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Legal and professional fees |
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Licenses and permits |
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Management fees |
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Miscellaneous |
.. .. .. .. O |
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Mortgage interest (paid to banks, etc.). . . . |
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Qualified mortgage insurance premiums . . |
.D |
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Excess mortgage interest |
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Other interest (not entered elsewhere). . . . |
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Painting and decorating |
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AREA
18 p2
Series: 53 |
Rental & Royalty Income (Sch. E) (cont.) |