Tax Preparation Help  
Publication 925 2008 Tax Year

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

Name(s) shown on return” field contains Charles and Lily Woods
Your social security number” field contains 123-00-4567
Under “Part I: Income or Loss From Rental Real Estate and Royalties”:
1. List the type and location of each rental real estate property:
A” field contains Brick Duplex--6924 26 Country Road, Anytown, Virginia 22306
B” field contains Condo--6915 Country Road, Anytown, Virginia 22306
2. 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.)
A No” checkbox checked
B No” checkbox checked
  Properties: A Properties: B Totals (Add columns A, B, and C.)
Income: 3. Rents received 25,000 8,300 33,300
Expenses: 5. Advertising 600 210  
Expenses: 7. Cleaning and Maintenance 1,500 525  
Expenses: 8. Commissions 1,200 420  
Expenses: 9. Insurance 2,000 700  
Expenses: 10. Legal and other professional fees 1,000 390  
Expenses: 12. Mortgage interest paid to banks, etcetera. (see page E-4) 9,000 8,510 17,510
Expenses: 14. Repairs 700 245  
Expenses: 15. Supplies 600 210  
Expenses: 16. Taxes 2,000 700  
Expenses: 17. Utilities 2,400 840  
Expenses: 18. Other (list) field contains Wages and salaries 9,000 3,150  
19. Add lines 5 through 18 30,000 15,900 45,900
20. Depreciation expense or depletion (see page E-4) 10,000 4,000 14,000
21. Total expenses. Add lines 19 and 20 40,000 19,900  
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 negative 15,000 negative 11,600  
23. Deductible rental real estate loss. Caution. Your rental real estate loss on line 22 may be limited. See page E-4 to find out if you must file Form 8582. Real estate professionals must complete line 43 on page 2 negative 6,155 negative 3,546  
25. Losses. Add royalty losses from line 22 and rental real estate losses from line 23. Enter total losses here” field contains negative 9,701
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 41 on page 2” field contains negative 9,701

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