OG03-2 52 Schedule E

OG03-2 52 Schedule E Reports

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IRS Schedule E Report

• Schedule E is an expenses report for IRS. 

• The following table summarizes the expenses categories.

• A lot of invoices were not breakdown into labor and supply. Therefore, we have redistributed some repairs costs into Supply costs to balance out.

• The maintenance costs were also mandated to be separated from the Repairs costs to balance out this schedule E table.

• The rent column below is the commission deducted from the rent income for management costs. As the result, the total amount of rent reported in Schedule E below is less than the gross rent collection reported in the summary table above.

Notes: If the grand total balance is a negative amount, the landlord owes a debt to GPL such as extra repairs costs not covered by the rent income. In this case, the debt will be carried over to the next year. If the grand total balance is a positive amount, the credit will be carried over to January payout next year.

Schedule E with Details

• The following table shows the total gross rent income per property.

• The total payouts is the net proceeding or net rent income.

• The difference between the gross rent income and net rent income is expenses.

• The expenses will be categorized in the next schedule E table.

Section 8 Schedule E

• The following table shows how much Housing paid. The total amount of the Housing paid should match up 1099-Misc.

• For a more accurate amount, please refer to 1099-Misc in the sub-page of the current page.

• Step 1: Got IRS Schedule E Report and locate the housing property P and find the corresponding rent amount in Rent column => $A

• Step 2: Go to 1099 Misc in the sub-page of the current page and find the rent amount for property P reported by 1099 Misc => $B

• Step 3: Go to Tax Report System such as TurboTax, enter 1099-Misc amount.

• Step 4: Enter ($A - $B) as rent amount for the property P in Schedule E.

Schedule E Expenses Breakdown

• The following expenses break down table shows some context regards to each expensive items.

• This table can be used as a supporting documents for the Schedule E report. 

• The rent type below shows the management fees charged monthly. The security deposit deduction should be ignored since it's a duplicated records to exclude the security deposit from the rent income. 

Schedule E Archive