IRS Form 1040 Schedule E: The 7 Things You Should Know
If you rented out a property last year, you’ll need to fill out IRS Form 1040 Schedule E!
Who needs a 1040 schedule E?
The IRS form 1040 schedule E is for anyone who made income or suffered a loss from rental real estate, or residual interest in REMICs.
What information do you need when you file a 1040 schedule E? (social security number, etc.)
The IRS Form 1040 schedule E form can require many different pieces of information. It really depends on your personal tax situation, and where your income or losses came from. At the very least, you will need:
1. Your contact information such as phone number, full mailing address, etc.
2. Your social security number, and your business’ tax ID
3. Your financial records for the year
4. Your filled out 1040 tax return
Is the 1040 schedule E accompanied by other forms?
While the IRS form 1040 schedule E does not require other forms itself, you may be required to fill out related forms. The IRS lists the following forms as closely related in its 1040 schedule E instructions manual:
Schedule A (Form 1040) to deduct interest, taxes, and casualty losses not related to your business.
Form 3520 to report certain transactions with foreign trusts and receipt of certain large gifts or bequests from certain foreign persons.
Form 4562 to claim depreciation (including the special allowance) on assets placed in service in 2014, to claim amortization that began in 2014, to make an election under section 179 to expense certain property, or to report information on listed property.
Form 4684 to report a casualty or theft gain or loss involving property used in your trade or business or income-producing property.
Form 4797 to report sales, exchanges, and involuntary conversions (not from a casualty or theft) of trade or business property.
Form 6198 to figure your allowable loss from an at-risk activity.
Form 8082 to notify the IRS of any inconsistent tax treatment for an item on your return.
Form 8582 to figure your allowable loss from passive activities.
Form 8824 to report like-kind exchanges.
Form 8826 to claim a credit for expenditures to improve access to your business for individuals with disabilities.
Form 8873 to figure your extraterritorial income exclusion.
Form 8910 to claim a credit for placing a new alternative motor vehicle in service for business use.
Form 8960 to pay Net Investment Income Tax on certain income from your rental and other passive activities.
What else do I need to send with a 1040 schedule E? i.e. receipts etc.
Depending on your particular tax situation, you may send your schedule E on its own or with documents that prove your expenses and income for the year. In almost all cases, your 1040 schedule E form will be accompanied with the IRS form 1040, which should be filled out before a schedule form. If the IRS needs any additional information with your tax return, they will request it through mail.
When is the 1040 schedule E due?
Your 1040 schedule E form is due at the same time as your tax return, on April 15 of every tax year.
How do I fill out the 1040 schedule E?
The IRS schedule 1040 E can be filled out and filed in many different ways. If you wish, you can use PDFfiller to fill it, print it out and send it in yourself. For more information on filling out IRS Form 1040 Schedule E, check out the following video:
Where do I send a 1040 schedule E?
Where you send your physical 1040 schedule E form depends on your state, and whether or not you are sending payment with your tax return. Your 1040 schedule E will always accompany your other 1040 tax return forms, you can use the helpful chart here to determine where they will go.