Form 1040 vs. Form 1040 Schedule E 2022-2023

Instructions and Help about Form 1040 vs. Form 1040 Schedule E

Hi everyone welcome to my channel if you are a new real estate investor trying to better understand IRS schedule this video is for you this video explains how to fill out I RS scheduie the tax form landlords used to report their income and deductions to the IRS so with that said if you haven't already subscribed yet please subscribe and give this video a thumbs up so who should file Schedule E you must file Schedule E if you receive rental income from property that you own as an individual it doesn't matter whether you own the rental property alone with your spouse or with one or more co-owners however if you have ownership through a business entity such as partnerships limited partnerships multi member LLC's and S corporations the new file IRS Form 88 25 which is rental real estate income and expenses of a partnership or an S corporation to report rental income and deductions this form is very similar to Schedule E the individual LLC partnership members or S Corp shareholders are each given a scheduled k1 by the unity reporting their individual shares of annual income or loss from the rent activity the individuals then list this amount on part 2 of Schedule E which is on page 2 also if your rental activity is classified as a regular business instead of a rental activity do not file Schedule E instead you file Schedule C profit or loss from business this will be the case if you provide substantial services to your guests such as maid service and food service completing Schedule E is pretty straightforward process you fill out only the first page which is called part 1 part 1 is also used for royalties which you have thing to do with rental...