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: _____________________________________________________
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 | | |
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? | | |
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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