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OG06 1242 Property Etc Schedule E Reports
OG06 1242 Property Etc Schedule E Reports
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IRS Schedule E Report
IRS Schedule E Report
Schedule E is an expenses report for IRS as a part of Form 1040.
The following table summarizes the expenses categories.
Repairs vs Supply
Repairs and Supply are normally associated with fixing up the condition for rental properties.
It's not for any improvement purpose. Therefore it should be fully deducted within the same fisical year instead of using deappriation.
Lot of invoices were not breakdown into labor and supply.
Therefore, we have redistributed some repairs costs into Supply costs to balance out.
Maintenance
The maintenance costs were also mandated to be separated from the Repairs costs to balance out this schedule E table.
Rent Income
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.
Other Costs category:
In general, HOA fees and Home warranty costs are listed as Other Costs.
There are listed here as HOA and Insurance.
You may consult your CPA to make a determination.
End
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
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
Section 8 Schedule E
The following table shows how much Housing paid.
The total amount of the Housing paid should match up 1099-Misc
When you enter the rent amount, you only need to enter the Tenant paid portion in your Schedule E since 1099 Misc is reported to IRS already.
You do need to enter the 1099 Misc in you tax return as well.
Schedule E Expenses Breakdown
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.
Schedule E Archives
Schedule E Archives
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