Nancy Valentino lives in a duplex that she owns at 14 Lancaster Drive, Salem, OR 97305. Nancy rents one-half of her duplex and lives in the other half. Her rental income for the year (365 days) is $6,000. Nancy's basis for depreciation in the rental portion is $15,000, and she uses straight-line depreciation with a 27.5 year useful life. On the whole duplex, real estate taxes are $1,200, interest on the mortgage is $3,400, utilities are $1,800, and insurance is $450.
Use Part I of Schedule E to report Nancy's income from rental of part of the duplex.
If an amount box does not require an entry or the answer is zero, enter "0". Enter all amounts as positive numbers. Round depreciation expense to the nearest dollar.
SCHEDULE E
(Form 1040)
Department of the Treasury Internal Revenue Service (99) |
Supplemental Income and Loss
(From rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.)
► Attach to Form 1040, 1040-SR, 1040-NR, or 1041.
► Go to www.irs.gov/ScheduleE for instructions and the latest information. |
OMB No. 1545-0074 |
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2020
Attachment
Sequence No. 13
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Name(s) shown on return
Nancy Valentino |
Your social security number |
| Part I |
Income or Loss From Rental Real Estate and Royalties Note: If you are in the business of renting personal property, use Schedule C (see instructions). If you are an individual, report farm rental income or loss from Form 4835 on page 2, line 40. |
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| A |
Did you make any payments in 2020 that would require you to file Form(s) 1099? (see instructions) |
◻ Yes |
☑ No |
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| 1 Single Family Residence |
3 Vacation/Short-Term Rental |
5 Land |
7 Self-Rental |
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| 2 Multi-Family Residence |
4 Commercial |
6 Royalties |
8 Other (describe) |
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| Income: |
Properties: |
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C |
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Rents received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
3 |
fill in the blank 3 |
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| 4 |
Royalties received . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
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| Expenses: |
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| 5 |
Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
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| 6 |
Auto and travel (see instructions) . . . . . . . . . . . . . . . . . |
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| 7 |
Cleaning and maintenance . . . . . . . . . . . . . . . . . . . . . . |
7 |
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| 8 |
Commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
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| 9 |
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
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fill in the blank 4 |
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| 10 |
Legal and other professional fees . . . . . . . . . . . . . . . . . . |
10 |
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| 11 |
Management fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
11 |
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| 12 |
Mortgage interest paid to banks, etc. (see instructions) |
12 |
fill in the blank 5 |
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| 13 |
Other interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
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| 14 |
Repairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
14 |
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| 15 |
Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
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| 16 |
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
16 |
fill in the blank 6 |
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| 17 |
Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
17 |
fill in the blank 7 |
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| 18 |
Depreciation expense or depletion . . . . . . . . . . . . . . . . . |
18 |
fill in the blank 8 |
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| 19 |
Other (list) ► |
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| 20 |
Total expenses. Add lines 5 through 19 . . . . . . . . . . . . . |
20 |
fill in the blank 9 |
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| 21 |
Subtract line 20 from line 3 (rents) and/or 4 (royalties). If result is a (loss), see instructions to find out if you must file Form 6198 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
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fill in the blank 10 |
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| 22 |
Deductible rental real estate loss after limitation, if any, on Form 8582 (see instructions) . . . . . . . . . . . . . . . . . |
22 |
(fill in the blank 11) |
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| 23a |
Total of all amounts reported on line 3 for all rental properties . . . . . . . . . . . . . . |
23a |
fill in the blank 12 |
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| b |
Total of all amounts reported on line 4 for all royalty properties . . . . . . . . . . . . . |
23b |
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Total of all amounts reported on line 12 for all properties . . . . . . . . . . . . . . . . . . |
23c |
fill in the blank 13 |
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| d |
Total of all amounts reported on line 18 for all properties . . . . . . . . . . . . . . . . . . |
23d |
fill in the blank 14 |
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| e |
Total of all amounts reported on line 20 for all properties . . . . . . . . . . . . . . . . . . |
23e |
fill in the blank 15 |
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| 24 |
Income. Add positive amounts shown on line 21. Do not include any losses . . . . . . . . . . . . . . . . . . . |
24 |
fill in the blank 16 |
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| 25 |
Losses. Add royalty losses from line 21 and rental real estate losses from line 22. Enter total losses here |
25 |
(fill in the blank 17) |
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| 26 |
Total rental real estate and royalty income or (loss). Combine lines 24 and 25. Enter the result here. If Parts II, III, IV, and line 40 on page 2 do not apply to you, also enter this amount on Schedule 1 (Form 1040), line 5. Otherwise, include this amount in the total on line 41 on page 2 . |
26 |
fill in the blank 18 |
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| For Paperwork Reduction Act Notice, see the separate instructions. |
Cat. No. 11344L |
Schedule E (Form 1040) 2020 |
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