OG18 904 Etc Schedule E

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

The following report features a drop down selection.

• On your desktop computer, you need to click on the arrow on the upper right corner.

• On a mobile device, you need to download an App called "Google Sheets"

Then you should be able to select a report via a dropdown menu on the upper left corner of the Google Sheet below.

With the a selection from this dropdown, you can see additional reports:

• Schedule E Report in Vertical Format

• An 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.