Reporting a Rental Property on my Taxes

Taxpayers who have rental property income file a Schedule E with their tax return.

This form asks for both the total income and total expenses in all the categories that are reported on your tax return.

NOTE - The Rental Percentage line on the form tells us how much of the expense was for the rental and how much was for personal use. This is especially important when renting one part of a duplex and living in the other. In a duplex example, the rental percentage would be 50% for things such as property taxes and mortgage interest.

Rental Exp - Sheet1

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If you have more than one rental property, you can use this download for easy year end reporting.

Rental Exp - 2 - 3 Rentals - Sheet1

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Rental property owners may also claim mileage for managing the properties. Add a total miles count to your return if this applies to you.

Rental property owners may also include an office in home deduction if they have one space in their home that is dedicated to managing their rental properties. For this deduction, your tax preparer will need the square footage of your whole home and the square footage of your used office space.

While your tax preparer only needs your year end totals, you can use the form below to help track your income and expenses during the year. This full document is not needed for your taxes; it is for your personal use.

Rental Tax Record Book

RentalTaxRecordBook

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