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Schedule E Worksheet (Rental Property)

 

Type of Property: (Residential rental, duplex, commercial bldg, etc.): _____________________

Do you occupy any of the property? ________________________________________________

Address of Property:            ___________________________________________________________

Date Purchased (if we didn't prepare your return last year):_______________________________

Total Rent Received during year: _____________________________________________________

Total Number of days leased for year ____________ Personal Use Days __________________

Please provide a settlement statement for each new property bought or sold in the current year. If your a new client please provide copies of settlement statements for all properties along with depreciation schedules from your prior tax return. 

EXPENSE CATEGORY

AMOUNT

COMMENTS

Advertising

 

 

Cleaning & maintenance

 

 

Commissions

 

 

Insurance (property and PMI)

 

 

Legal & professional fees

 

 

Property Management fees

 

 

Mortgage interest paid to banks

 

 

Other interest

 

 

Repairs (not capital improvements)

 

 

Supplies (not equipment or improvements)

 

 

Taxes (e.g.. real estate taxes)

 

 

Utilities

 

 

Condo or association fees

 

 

Pest control

 

 

Telephone

 

 

Auto Mileage related to repairs meeting with tenants etc?

 

 

Other expenses?

 

 


 

Capital Improvements & Installation of Equipment vs. Repairs and Supplies

 

Repairs and supplies are day-to-day items that generally cost below $500.  For example, if you spent $100 on a plumber to unclog a toilet, that is a repair.  If you replaced the whole commode, it is a capital improvement (installation of new equipment).  The purchase of a handful of tiles to replace cracked or water damaged tiles would qualify as supplies or repairs.  Replacing an entire floor, or installing new carpeting, would be a capital improvement.  General hardware items of low cost are supplies.  Repairs and supplies are expensed in the year the expense is incurred.  Equipment installation and other capital improvements are depreciated over their useful life.  Please list equipment purchases and other capital improvements done during the year.

Type of Equipment or Capital Improvement

Date of Purchase

Purchase Price

 

 

 

 

 

 

 

 

 

 

 

 

 

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