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Questions tagged [schedule-e]

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Is book review service expenses declarable under Schedule E for royalties?

I have books that generate royalties. I am using the QBI since I do for profit and it is what I do. I have included ads as part of expenses but I am also having a book review service where aside from ...
Michael's user avatar
  • 119
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1 answer
100 views

Is it optional to take a passive loss deduction?

I'm in two partnerships that lost money due to the pandemic. Those losses are supposed to be offset by the government in PPPs and ERCs, but the full payment of those has not been received yet. Due to ...
NewSites's user avatar
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How to apply the basis limitation on a passive loss?

On IRS Form 8582, Part V (or worksheet 3 in 2020) tells me to enter the income or loss from my passive partnerships. Then Parts VII and VIII (or worksheets 5 and 6 in 2020) tell me to calculate how ...
NewSites's user avatar
  • 210
3 votes
1 answer
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Can unmarried Tenants in Common report investment property income/expenses on their Schedule E's or do they need a partnership entity?

Thank you in advance to whoever decides to read this and offer their insight. A friend and I own residential rental properties as Tenants in Common, 50/50 split under our TIC agreement. We have a ...
ScotchAndSteak's user avatar
1 vote
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Schedule E vs Schedule C

I purchased (with a mortgage) a mixed-use building with an LLC in 2019. I rent the two retail/commercial units to two LLC businesses (one owned by me, and one owned by my wife). This building also has ...
GRubin's user avatar
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3 votes
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154 views

Does schedule E income such as Airbnb disqualify unemployment benefits?

I am a Bay Area California resident who lost my job due to the pandemic orders, and I also haven't been able to run my airbnb listing for the same reason. I have been receiving unemployment benefits ...
Brimby's user avatar
  • 267
1 vote
1 answer
87 views

How to handle rental income shared with my spouse on Schedule E

I and my spouse are filling a separate 1040NR. We have both our name on a property that we rent. How do we fill the Schedule E if the income is shared between partners? Let say for example that we ...
Pier's user avatar
  • 111
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Illinois Property Taxes and Schedule E Expenses

(Assume) I rented out my condo in Illinois from Jan 1, 2018 to December 2018. In Illinois, property taxes are paid in arrears, so during 2018 I paid my 2017 property tax bill, and I haven't yet paid ...
Reluctant Landlord's user avatar
3 votes
1 answer
631 views

Managed rental property: income from late fees. How to report on Schedule E?

We have a rental property that is managed by a property management company. This year, our tenants have paid late fees in addition to the rent. The management company filed these fees under Box 3, '...
FenTheta's user avatar
  • 277
2 votes
0 answers
37 views

Schedule E (rents) — which line for cost of permits?

I have recently bought rental property. I am required to (and did) register the property with the city. It's not an ad valorem tax; it's a flat fee per unit. Is there any more appropriate line on ...
Andrew Lazarus's user avatar
1 vote
1 answer
203 views

Accounting method change to depreciation basis : appropriate solution? (USA)

I have personal property that was converted to a rental unit in 2015. When determining the depreciation basis for this property, I used the Fair Market Value, as suggested to me by a TaxAct ...
FenTheta's user avatar
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6 votes
1 answer
629 views

Should I enter a trailer park under one Schedule E column or under multiple Schedule E columns on US tax return?

It seems like common advice for when to consider two units part of the same property for purposes of the Schedule E, is that they are separate if and only if they have separate property tax. So, two ...
Kyle's user avatar
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