Tax Preparation Help  
Publication 527 2008 Tax Year

Schedule E (Form 1040) Supplemental Income and Loss 2007. Summary: This is an example of Schedule E (Form 1040) 2006 as pertains to the example in the text. The line items are completed as follows:

Name(s) shown on return” field contains Eileen Johnson
Your social security number” field contains 123-00-4567
Under “Part I: Income or Loss From Rental Real Estate and Royalties”:
1A. Show the kind and location of each rental real estate property” field contains
Brick House
123 Main Street, Hometown, Minnesota 56200
2A. For each rental real estate property listed on line 1, did you or your family use it during the tax year for personal purposes for more than the greater of 14 days or 10% of the total days rented at fair rental value? (See page E-3.) No” checkbox checked
Under “Income”:
3. Rents received
Properties A” field contains 8,250
Totals (Add columns A, B, and C.)” field contains 8,250
Under “Expenses”:
9. Insurance--Properties A” field contains 92
12. Mortgage interest paid to banks, etcetera. (see page E-4)
Properties A” field contains 1,650
Totals (Add columns A, B, and C.)” field contains 1,650
14. Repairs--Properties A” field contains 297
16. Taxes--Properties A” field contains 1,100
19. Add lines 5 through 18
Properties A” field contains 3,139
Totals (Add columns A, B, and C.)” field contains 3,139
20. Depreciation expense or depletion (see page E-4)
Properties A” field contains 1,587
Totals (Add columns A, B, and C.)” field contains 1,587
21. Total expenses. Add lines 19 and 20” field contains 4,726
22. Income or (loss) from rental real estate or royalty properties. Subtract line 21 from line 3 (rents) or line 4 (royalties). If the result is a (loss), see page E-4 to find out if you must file Form 6198” field contains 3,524
24. Income. Add positive amounts shown on line 22. Do not include any losses” field contains 3,524
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 Form 1040, line 17. Otherwise, include this amount in the total on line 40 on page 2” field contains 3,524

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