Schedule E

What is a Schedule E?  A Schedule E is where a taxpayer will state supplemental income from rental properties and income from pass through entities such as a Limited Liability Company (LLC), S Corporation or other partnership.

In terms of income from a rental property, a taxpayer will use Schedule E to report each property they have rented during the tax year, the gross amount in rents and then rental related expenses such as advertising, mortgage interest, property taxes, depreciation and other expenses.  In terms of income or losses from a partnership or S Corporation, Schedule E will list the entity, entity type and then passive and non-passive income and/or losses of the taxpayer.  These items are initially reported on the taxpayer’s K-1 from the partnership or the S Corporation.

Thus, if you have a rental property, you will file a Schedule E with your 1040 individual income tax return.  If you have an interest in an LLC or S Corporation, you will report certain items on a Schedule E.  The vide below has been prepared by a tax attorney at The McGuire Law Firm to provide additional information regarding a Schedule E.  Please remember this article and the video below are for informational purposes.  You should always consult with your tax attorney, business attorney and/or other advisors regarding your tax and business and business issues.

Call The McGuire Law Firm to schedule a free consultation with a tax attorney in Denver.  The McGuire Law Firm offers a free consultation to all potential clients and would welcome the opportunity to meet with you to discuss you tax questions & needs.