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

  • 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?

  • Or, are you a partner in a partnership?

  • 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

  • who are partners in a partnership.

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

  • your share of business income, expenses,

  • gains and losses on a Schedule K-1.

  • 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

  • to report those on the Schedule E.

  • 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

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

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B1 schedule tax income report estate rental

Filing Schedule E Supplemental Income and Loss - TurboTax Tax Tip Video

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    林宜悉 posted on 2020/02/25
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