Schedule-E Checklist 2021

Note: This is a list of the most common items you might need to complete your Schedule E profit/loss from rental property. Please make sure you compile these items prior to your appointment. Do not forget that it is your responsibility to send in your expenses already totaled. PROVIDE US A HARD COPY OF ALL DOCUMENTS.

PLEASE NOTE: ITEMS WE CAN USE ARE SUBJECT TO CHANGE THROUGHOUT THE SEASON AS THE LAWS CAN STILL CHANGE.

______ 1. New clients must have copies of previous federal Schedule E with
depreciation schedules. (If applicable.)
______ 2. Provide address and type of property.
______ 3. Provide the total number of days the property was available for rent.
______ 4. Provide the total number of days the home was used as a personal
residence. (If applicable.)
______ 5. Provide total gross income from rent.
______ 6. Expenses (please total by category)

  • Advertising
  • Car/truck expenses (total mileage for the year on the vehicle and mileage used traveling to and from rental)
  • Cleaning and maintenance expenses
  • Insurance on the home
  • Mortgage interest
  • Management fees
  • Repairs
  • Supplies
  • Property tax
  • Utilities
  • HOA fees
  • Travel expenses specifically related to rental. (If the rental is out of state.)
  • Business use percentage of cell phone costs related to the rental
  • Business use percentage of internet costs specifically related to the rental
  • Storage fees (If applicable.)
  • Large purchase items over $400. Must know date of purchase and exact cost. (Appliances, new carpet, etc.)

______ 7. If you use office in home, please provide the total square footage of the home and the square footage of office.
______ 8. Depreciation of the rental property. (If a new property or new client.)

  • Date property was put into use
  • Basis of property (cost of building plus improvements up to the day first rented.)
  • Improvements to the property after renting

______ 9. If you sold your rental property during the year, provide the HUD settlement                        statement/closing documents for the sale.