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:
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.
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