Table of Contents.
Description:
If your client earns rental income on a home or building they own, receives royalties or has income reported on a Schedule K-1 from a partnership or S corporation, you must prepare a Schedule E with their return. Schedule E (Form 1040), Supplemental Income and Loss, is for reporting residential rental income and expenses, as well as pass-through items from S corporations, partnerships, estates, and trusts. With this book, you’ll gain a basic understanding of Schedule E.
Introduction to Schedule E covers:
- Identifying passive loss limitations and exceptions.
- Determining eligibility for the special $25,000 loss allowance.
- Recognizing who meets the qualifications of a real estate professional.
- Summarizing the treatment of current and suspended passive losses upon disposition of a passive activity.
- Applying the vacation home rules.
- Identifying the type of activities reported on Schedule E.
- Identifying and reporting rental income and allowable rental expenses.
- Determining the depreciable basis of property used in a rental activity.
- Interpreting the information provided on Schedule K-1 and enter the information appropriately on
Schedule E.
Product Details:
Level: Basic level
Author: NATP Staff
Publisher: NATP
Publication Date: 2019
Format: Electronic
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Corresponding CPE Courses:
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Introduction to Schedule E Self-Study Course
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