Summary: This is an example of Schedule E (Form 1040) as pertains to the text. The completed line items are:
Name(s) shown on returnfield contains Charles and Lily Woods
Your social security numberfield contains 123-00-4567
Part I: Income or Loss From Rental Real Estate and Royalties:
1. List the type and location of each rental real estate property:
Afield contains Brick Duplex--6924 26 Country Road, Anytown, Virginia 22306
Bfield contains Condo--6915 Country Road, Anytown, Virginia 22306
2. For each rental real estate property listed on line 1, did you or your family use it during the tax year for personal purposes for more than the greater of: 14 days or 10% of the total days rented at fair rental value? (See page E-3.)
A Nocheckbox checked
B Nocheckbox checked
| Properties: A | Properties: B | Totals (Add columns A, B, and C.) | |
|---|---|---|---|
| Income: 3. Rents received | 25,000 | 8,300 | 33,300 |
| Expenses: 5. Advertising | 600 | 210 | |
| Expenses: 7. Cleaning and Maintenance | 1,500 | 525 | |
| Expenses: 8. Commissions | 1,200 | 420 | |
| Expenses: 9. Insurance | 2,000 | 700 | |
| Expenses: 10. Legal and other professional fees | 1,000 | 390 | |
| Expenses: 12. Mortgage interest paid to banks, etcetera. (see page E-4) | 9,000 | 8,510 | 17,510 |
| Expenses: 14. Repairs | 700 | 245 | |
| Expenses: 15. Supplies | 600 | 210 | |
| Expenses: 16. Taxes | 2,000 | 700 | |
| Expenses: 17. Utilities | 2,400 | 840 | |
| Expenses: 18. Other (list) field contains Wages and salaries | 9,000 | 3,150 | |
| 19. Add lines 5 through 18 | 30,000 | 15,900 | 45,900 |
| 20. Depreciation expense or depletion (see page E-4) | 10,000 | 4,000 | 14,000 |
| 21. Total expenses. Add lines 19 and 20 | 40,000 | 19,900 | |
| 22. Income or (loss) from rental real estate or royalty properties. Subtract line 21 from line 3 (rents) or line 4 (royalties). If the result is a (loss), see page E-4 to find out if you must file Form 6198 | negative 15,000 | negative 11,600 | |
| 23. Deductible rental real estate loss. Caution. Your rental real estate loss on line 22 may be limited. See page E-4 to find out if you must file Form 8582. Real estate professionals must complete line 43 on page 2 | negative 6,155 | negative 3,546 |
25. Losses. Add royalty losses from line 22 and rental real estate losses from line 23. Enter total losses herefield contains negative 9,701
26. Total rental real estate and royalty income or (loss). Combine lines 24 and 25. Enter the result here. If Parts II, III, IV, and line 40 on page 2 do not apply to you, also enter this amount on Form 1040, line 17. Otherwise, include this amount in the total on line 41 on page 2field contains negative 9,701