Name: Filing Schedule E Supplemental Income and Loss - TurboTax Tax Tip Video
Uploaded: 2020-02-25T09:32:24.000Z
Duration: 2 min 3 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Hello, I'm Scott from Turbo Tax with some important information

Modal verbs - B1

about the income you may need to report on a Schedule E.

Do you rent out your home or other real   estate to earn some extra money?

If so, you may have an obligation to report some of your earnings

on a Schedule E attachment to your tax return.

Schedule E is form you use to report supplemental income

you earn from any of the following sources:

renting real estate; royalties; interests in partnerships and S corporations;

and distributions received from an estate or trust

as well as from certain mortgage investments.

Taxpayers commonly use the Schedule E to report the income

they earn from renting out a house or even   a room in the home they reside in.

But the one nice thing about reporting your rental income on Schedule E

is that you get to deduct the expenses you incur for the rental property—

which ultimately can reduce the amount of tax you will have to pay.

Some of the expenses that are deductible include advertising costs,

fees you pay to a management company, repair costs,

and mortgage interest payments for the property.

In addition to reporting rental property income,

Schedule E is also commonly used by taxpayers

If you are a partner in a business venture, the partnership will report

If you receive this form, you will need to have it handy

when filling out the Schedule E since the amounts you input

on Schedule E will mirror those on your K-1.

And don't forget, if you are the beneficiary of a trust or estate

and receive a Schedule K-1 that reports your earnings,

deductions, or distributions, you may also have an obligation

Not sure which forms to use? When you file with TurboTax,

you don't need to know a thing about tax forms.

We'll ask you simple questions, fill in all the right   tax forms and do all the math for you.

For more information about this and other tax topics visit TurboTax.com.