How to File a Schedule E Renters Income Form

Posted by Kristen on February 20, 2013

What is the Schedule E Renters Income Form?

The Schedule E Renters Income Form is used to report the income and losses you have received or incurred from renting out a home, condo, apartment, or other property during the year. This is also used for renting out any space in which the home you currently reside in as well. (For example renting out a room in your house).

When do you use the Schedule E Renters Income Form?

Use Schedule E Renters Income Form if you rent out any property. While filing out Schedule E Renters Income Form, it is helpful to know:

  • The price of the property you are currently renting out
  • Any depreciation and current annual depreciation of the property being rented out
  • Your total rental income plus any security deposits received

You will also need to know the amount of any expenses you have associated with your rental property. These expenses can include:

  • advertising
  • cleaning
  • utilities
  • landscaping
  • garbage
  • homeowners insurance
  • homeowner’s association dues
  • real estate taxes
  • mortgage interest expenses
  • commissions or property management fees
  • maintenance and repairs
  • security deposits reimbursed to the tenant

Schedule E Renters Income Form Information

Note that the IRS passive activity loss rules limit your losses to a maximum of $25,000 per year. However, the loss is phased out if your modified adjusted gross income goes above the thresholds.

In most cases, you are not considered self-employed and therefore do not have to fill out Schedule C as well. However, if your home is a vacation rental, be sure to see the Vacation Home Tax Rules.

While filing out Schedule E, you only need to fill out which parts are relevant to your business.

You must attach your personal 1040 along with Schedule E form.

Links to IRS documents: Schedule E Renters Income Form.

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