How to Fill out Schedule E Income Tax Form For Your Rental Property! 🧾 🏠 - Very Detailed

How to Fill out Schedule E Tax Form For Your Rental Property. Rental real estate and taxes. Rental property tax reporting.
**This video is made for educational purposes and should not be taken as tax advice** I hope you all enjoy this free tutorial I put together. Once you learn the power of real estate investing and taxes it's hard to go back. Real estate is the investment of the rich, and for these tax reasons you can see why. Thank you for supporting my work by dropping a like/commenting and subscribing.
👇
Free Profit and loss template can be found here. Just modify it for your business or rental property:www.dropbox.co...
🚨 + 🛎️ Subscribe Here: www.youtube.co...
👍 Drop a like to help support the channel and boost the KZbin Algorithm
⌨ Your input and engagements means a lot. Please leave a comment, and or share this video with 1 other person.
⌚ Time Stamps so you can jump to any point in the video
► 1:18 Filling out Schedule E Part 1 1099s, and fair rental days (1:18)
► 4:35 Filling out Schedule E Part 2 (Income and expenses lines 3 - 20
► 8:29 Lets discuss depreciation basics for rentals
► 14:27 Calculating net income for rental (Passive Income vs Passive losses)
► 16:30 Tracking your rental income expenses
► 20:00 How Schedule E impacts the rest of your taxes
► 22:00 The magic of rental real estate.
🎥 Our Complete tax video library: • New Tax Laws For 2019 ...
📼 Checkout some of our most popular INVESTING and TAX related videos
✅ Earn $100,000 a year in dividends: • Earn $100,000 Per Year...
✅ Dividend Investing Pros and Cons: • Dividend Investing: Pr...
✅ Our Dividend Income Year 6: • Our Dividend Income Gr...
✅ Best Investments for each account • Best Investments For E...
✅ Calculating dividend tax rates: • Your Dividend Tax Rate...
✅ Making your dividends qualified!: • Qualified Dividends Fu...
✅ How to save taxes on stocks: • How To Save Taxes On S...
✅ Capital Gain Taxes Explained: • Capital Gains Tax Expl...
✅ New Tax Laws for 2020 Explained: • New Tax Laws for 2020 ...
✅ Dividend and REIT Taxation: • Dividend and REIT Taxa...
✅ How to fill out the new 2020 W-4 • How to Fill Out the Ne...

[@MoneyandLifeTV]

***This video is made for educational purposes and should not be taken as tax advice*** I hope you all enjoy this free tutorial I put together. Once you learn the power of real estate investing and taxes it's hard to go back. Real estate is the investment of the rich, and for these tax reasons you can see why. Thank you for supporting my work by dropping a like/commenting and subscribing. 👇 Free Profit and loss template can be found here. Just modify it for your business or rental property:www.dropbox.com/s/v28jtzr9pjmtu0r/Rental%20Income_Expenses.xlsx?dl=0

[@MoneyandLifeTV]

🎥 Our Complete tax video library: kzbin.info/www/bejne/Y4CUhIqJmbyHfac 📼 Checkout some of our most popular INVESTING and TAX related videos ✅ Earn $100,000 a year in dividends: kzbin.info/www/bejne/eojYZKKLa8mWeNU ✅ Dividend Investing Pros and Cons: kzbin.info/www/bejne/aZjQk6WFlLWIqpo ✅ Our Dividend Income Year 6: kzbin.info/www/bejne/pqHan4d9jLOWi7s ✅ Best Investments for each account kzbin.info/www/bejne/jZvPgKB3Yt2Kd7c ✅ Calculating dividend tax rates: kzbin.info/www/bejne/opW9kneaosiKqsk ✅ Making your dividends qualified!: kzbin.info/www/bejne/j568lKt6gd-Lr7s ✅ How to save taxes on stocks: kzbin.info/www/bejne/lZjEe2mgjcx6mJY ✅ Capital Gain Taxes Explained: kzbin.info/www/bejne/eHS0iqKohcx3gdU ✅ New Tax Laws for 2020 Explained: kzbin.info/www/bejne/m6jLk3V5h9t8hZI ✅ Dividend and REIT Taxation: kzbin.info/www/bejne/j2GyqZh5iJiSfpY ✅ How to fill out the new 2020 W-4 kzbin.info/www/bejne/lYezm4tmmamHndU

[@amishasingh7805]

Thank you for your video! Easiest way to learn depreciation

[@makesaveinvest1401]

Very good information!! Taxes get to be so complicated fast!! Thanks for sharing this guide!!

[@MoneyandLifeTV]

My pleasure Life upgrade :) Yes, taxes can be very complex. I could probably easily do a 30 video series just on real estate taxes alone.

[@MoneyandLifeTV]

⌚ Time Stamps so you can jump to any point in the video ► 1:18 Filling out Schedule E Part 1 1099s, and fair rental days (1:18) ► 4:35 Filling out Schedule E Part 2 (Income and expenses lines 3 - 20 ► 8:29 Lets discuss depreciation basics for rentals ► 14:27 Calculating net income for rental (Passive Income vs Passive losses) ► 16:30 Tracking your rental income expenses ► 20:00 How Schedule E impacts the rest of your taxes ► 22:00 The magic of rental real estate.

[@rosamyoung8962]

I was requesting for your expense spreadsheet to keep records of expenses for tax records

[@joshuaalvarado7530]

This man is an underrated channel!!

[@PassiveIncomeTom]

*Great video Mike! I love my rentals❗❗❗ It's the beat kept secret many people don’t realize.* 😉

[@MoneyandLifeTV]

Rentals dominate almost all investments brother. That is why Kiyosaki calls them the investments of the "Rich"

[@TheDjangoJoEShowOfficial]

Thank you for this! 😅Its my 1st yr as a property owner,.. Gotta do it right!

[@MoneyandLifeTV]

Right on and congrats!

[@MoneyJourneyWithSonny]

I hope folks are renting out their stocks or placing insurance on them.. Crazy market going on, great video!!

[@MoneyandLifeTV]

True that! Thanks for watching for leaving a comment sir.

[@danyellesanders2407]

❤ wow, so simple! Breaking it down to the Lowest Denominator!!! 🎉🎉🎉

[@makeeshasansbury8137]

Thank you so much for doing this video. This is so helpful!!

[@verlindarichardson9624]

I searched "Schedule E for "Dummies" and I FOUND YOU! I am beyond happy. Not only in the GREAT Template yo ushared, but also in just the way you present your information. Well, well done. The only thing I wish you went into MORE....is the Repairs versus Depreciation categories. I post everything to my Quicken Software diligently, but never really know where to plug in certain items which ARE allowed as a Repair, by the IRS. Please help in that area.

[@MoneyandLifeTV]

That is a great video topic idea. Thanks! I'll have to produce a video on that.

[@kenlynch6332]

Since I Detest taxes and I associate Accounting with taxes it is hard to believe that I actually have an interest any vlog on Taxes. However the manner in which you explain Taxes and the relevant Accounting forms makes the vlog easy to follow & interesting. Thanks for all the education / tutorial provided

[@MoneyandLifeTV]

Ken i'm so lucky to have you be part of this community sir. Can't thank you enough for the feedback.

[@zacharyvarner8234]

Good work ~ I liked the way you presented the schedule E as it really helps explain the cash vs. tax implications of rental real estate. However, one suggestion ~ you'd also need to reduce the net cash you receive by the principal amount of the loan payments you made.

[@MoneyandLifeTV]

Zachary Varner thank you! And excellent point forgot to mention that.

[@jawojnicki]

That's a great point, and you also need to reduce it by any escrow payments you made that were in excess of your actual taxes paid. I know you'll get that refund back later, but in a real-time, right now cash flow situation it can really kill you! (like it to me in 2021)

[@joanyraquel]

Great video! I am happy to confirm where to bring that prior year carry over. One thing to highlight is that if have a net loss (not income like in your example), you will not be able to report it on your Schedule 1 or 1040 depending on your income level.

[@jadenardini7736]

I am watching your another video and you recommend this video and then I can understand the rectal property business for tax. Thanks~

[@MoneyandLifeTV]

Lots of tax rules surrounding rental properties.

[@koonerd321]

Great video and perfect timing. 2019 Tax deadline is coming fast. Wish you were local to us, you would be our CPA for sure

[@MoneyandLifeTV]

SouthBayRider you are too kind. I think i'm officially opening up my own accounting practice as of next year or so. I realize I could do so much more good for this world if I can control my own schedule. Probably make more money too :)

[@HottgirlzinMiami]

You just made my perception so simplified in my understanding. By breaking down how the forms talk to each other to connect to the 1040

[@manuelcantu5182]

Thank you, the last minute of the video was the golden ticket to understanding, for me at least. I feel a lot more confident in filing my returns and knowing they are correct.

[@ducus2318]

Thank fiend ! I support for your channel. Making very detail information

[@MoneyandLifeTV]

My pleasure, thank you!

[@carlileromelus1011]

i love what you doing man, keep up the good work.

[@ymartinez3]

Thanks for these tutorials.

[@MoneyandLifeTV]

My pleasure! These videos I consider to be the most valuable videos I produce on the channel even though they generally are not as popular in terms of the amount of views they draw.

[@ymartinez3]

Money and Life TV I agree, they do relate to certain audiences but they are so full of great information for those that are focused and determined small business owners or entrepreneurs....so thank you thank you thank you. 👏🏻🙌🏼

[@Drlisaowen]

if you live in the house for 10 years and then rent it out do you use the value of the home at the time it was put in service or use the purchase price?

[@303Estates]

Great video!... I would add that actual numbers should always be "not round numbers" so, $2000 should be $1987.35 or $200 is $203.34 . This will keep the IRS from thinking numbers are estimates and not real...

[@MoneyandLifeTV]

Good point! Thanks

[@eunicedowningjackson6919]

Thank you. Great KZbin explaining Schedule E.

[@MoneyandLifeTV]

Glad it was helpful!

[@shannonkimidea]

YOU ARE AMAZING!!! I was totally lost before your video and I was struggling to understand the "connection" between all the numbers. Your thorough explanation made me fully understand each forms finally and I am so thankful!!! I have my own accounting sheets I developed and I will be using yours and tweek it to more detailed expense entering. Thank you so much!!! I gave you big thumbs up and Subscribed!!!

[@DexterBoyz1984]

Fantastic video. Thank you

[@jeffhe4553]

As a guy who started real estate investment back in 2017, I wish I had found this channel earlier. I currently own 5 properties myself, 4 for rental and it's seemingly to be one of the go to retirement funds I'll be getting when I'm 55 at the latest. But other than that, I'm glad I found your channel since I just decided to start a dividend portfolio banking on the idea that it'll probably pay for my kid's college tuition one day 18-20 years down the line with consistent compounding. I'm tempted to go for tax advantage account for dividends but fear it's lack of liquidity so I opened regular taxable brokerage account.

[@julhe8743]

What I learned is to first maximize your Roth account, then taxable account and finally tax advantage account if your income is high so you save in taxes now, but pay later. Just educate yourself before deciding what to do 👍

[@julhe8743]

Great information, just I would like to know what happens with the yearly depreciation when you sell the rental property??

[@MoneyandLifeTV]

Hi Jul He, the depreciation reduces the cost basis of your property so you stand to potentially pay taxes on the gain. (if any)

[@JacoboEliz]

Excellent video explaining rental property! Thanks

[@MoneyandLifeTV]

My pleasure Elizabeth. Thanks!

[@lyromazan]

Great video and perfect 👌 timing.

[@MoneyandLifeTV]

Nice! I knew people had tax filings coming up soon :)

[@EagleEquity]

Mike thanks for the information. How does one take accelerated depreciation on a rental property?

[@darrell7678]

I am doing my own taxes after many years a tax professional did it. Like Mike said I was stuck on the depreciation part. Not very many other videos really explain how to do it but Mike does. He is the best so far. Thank you so much.

[@roottermariampillai2841]

you are the best. I just loved it. I watched about 15 videos before you, they all good, not good and simple as yours. Thank you

[@John11-25]

Thank you. I needed clarity after watching several other videos on this subject, and you met the need! God bless!

[@antoniomaqueda9451]

Thank You Brother GREAT GREAT Teaching 🙌🏽👍🏽 GOD BLESSS

[@MoneyandLifeTV]

You are very welcome Antonio!

[@swiftylaroo2389]

Thank you so much for all the Info. Learned so much. New to renting so this tax info is exactly what I was looking for.

[@vanessaclayton4694]

I like how you explain the Schedule E form I wll use this video again I need to do for 2020 tax year.

[@karenjao3641]

good explanation, thanks for the information. I still don't understand how to calculate depreciation expense on a house that has been rented for 41 years.

[@mamaontheroad1]

Very detailed. I really appreciate this video. Q1. You said nothing about renting out a room in your home. I assume the Schedule E shows the rent received but prorates the expenses based on square footage or percent used by the tenant. Q2. I didn't see an expense under Utilities, which I don't understand. Water, gas, electric, WIFI, cable are real expenses often paid by the Landlord. I expense 50% of Utilities on my Schedule E. Maybe your Schedule E assumes the tenant pays all utilities, which happens alot when the entire house is rented out.

[@keeweeles]

Excellent Work .. !! Helps a lot you are doing a great service .

[@MoneyandLifeTV]

Glad to hear that thanks Kiwi!

[@dariakaraulova2812]

Thank you for making this video. I recall asking for it! It is nice that you care for what we would like to see on your channel. You have a great ability to go into details we would never learn otherwise and keep our interest through out your videos😀 Out of curiosity, are you seeing more people who more likely own taxes filing their taxes later since personal tax date have been extended?

[@MoneyandLifeTV]

You are so welcome! I appreciate the topic suggestion. I had been lagging on getting back to real estate, but felt it was time. I also really appreciate the feedback. My educational content usually doesn't surmount to a lot of views, but I understand the people who watch it get a lot out of it usually. Right now demand for tax/accounting services seems to be very high. Where I currently work we have too much work if i'm being honest. A good and bad problem to have I guess lol. These next two weeks for me is working up people's tax returns so I can at least tell them if they owe or not regardless if we have to extend.

[@elizabethwetzler4033]

Thank you for providing the spreadsheet for rental income.

[@stephanierussell1199]

Thank you! I've been exploring the option of rental properties and this is so useful.

[@MoneyandLifeTV]

Glad it was helpful Stephanie :)

[@Alu152]

This is great. Exactly what I was looking for. Thank you very much for taking the time to make this video.

[@boobookyri]

Question: I have no property, no income, just expenses. Because I carelessly created a FL Real Estate LLC w the intention of collecting rent from my duplex/triplex. But unfortunately, I haven't been able to get a mortgage yet. So I don't have any property to mention in my Schedule E. I do however have a bunch of tallied upkeep expenses and the fees I paid for the creation of the LLC. ANY TIPS ON HOW TO FILE?

[@sharongay2024]

Dude I could literally kiss you in the mouth for this video! Thank you so much for explaining this! I have been stuck on Schedule E for dayssss!

[@bombysbreakdowns]

Great breakdown! Learned a lot from this video. How would you fill out Schedule E if you owned a home and had a tenant living with you and paying you rent? Preferably under Days rented at fair rental value and Days used for personal purposes? Would both number of days be the same since you share the property with the tenant? (i.e. 365 days, 365 days) Also how would expenses be calculated? Total expenses multiplied by 50%? How would this affect depreciation? Thanks!

[@traviswilliams1296]

Hey thanks man! Great breakdown

[@MoneyandLifeTV]

Travis no problem brother! I figured you might like this one since you are getting into the rental business. I could produce a whole course on taxes on real estate. It's a fun topic.

[@TheModernGodsChannel]

Thanks so much for doing this for people! I really appreciate it. Peace!

[@tomg915]

You explained everything so well, thank you. I have a question I did not see in the comments: Does showing low cash flow negatively effect getting a loan for say another property? If so, can you remove some unrequired expenses like travel or supplies to show more cash flow? Thanks again. If it is possible to work with you please let me know how.

[@MoneyandLifeTV]

Hi Tom, great question. showing low cashflow could potentially impact your lending ability, but I have found that lender's will often look at your overall taxable income to determine such matters. Yes, you can work with me. I will be on onboarding clients for tax year 2022 throughout the remainder of this year. You can visit my website at www.mikekellycpa.com or e-mail me at [e-mail] Thanks

[@lillianh6380]

Thank you for sharing your knowledge. Your video was explained well and easy to follow!

[@aprilchung7280]

Thank you so much for your clear explanation!

[@MoneyandLifeTV]

Welcome, thanks April!

[@kodyfong4734]

If you were to make major repairs to a house where you are replacing appliances, installing a new roof, replacing the siding of the house, would that just go into the repair box or would you need to depreciate that somehow especially if the arv of the building goes up after it gets remodeled?

[@tyrellcunningham4457]

How can one use the short term rental loophole and how would you fill out your Schedule E to carry over losses from rental/cost Seg to w2 income? TIA

[@eduardoorozcoii3090]

great video! I would love that spread sheet you used for rental property expenses and depreciation if possible. Thank you very much

[@TaxTalk828]

Great walk-through! Thanks for the template 😊

[@ramonmirabal101]

Definitely a very good educational video, thank you for you time, now you have one more subscriber on your list. Thank you again.

[@jarc02]

I work for the IRS and found this useful. Thanks! In another video could you cover using Schedule E when reporting K-1 information? And/or reporting Both rentals and K-1 information combined on Schedule E.

[@MoneyandLifeTV]

Great suggestion Jarc02 thanks!

[@yuzhou8316]

Thank you for your education on depreciation for rental property. Is there a income limit to deduct the loss from rental? Thank you!

[@guangyang1349]

It is so helpful to instruct to file the schedule E. I have a question for the live-in landlord(3 rooms, 2 rents), how does the live-in landlord file the blank 2 of the personal use days? and what the type of property for the condominium? Thank you so much for your sharing the template, it is so helpful!!!

[@MoneyandLifeTV]

Hi Guange, probably the closet match would be single family residence (Or multifamily residence) I think either could suffice. If it has been rented the whole year it then probably no personal use days in my opinion. However you want to carefully break out your tax expense, utilities etc depending upon your arrangement and back out the portion that is your personal cost. For example 2/3 of the property taxes would go on SCH E but your 1/3 portion would go sch A . That would be the way I would approach it for each of the expenses depending upon your arrangement. Hope that helps.

[@jdbarrezueta9271]

Thanks for the template and explanation.

[@_JohnJohn_]

Great video...added to my diy playlist.

[@carmelolocasto1]

Thank you great information. Subscribe and liked 👍

[@MoneyandLifeTV]

Thanks for the sub!

[@SeanWeeksSLC]

Great video. You managed to make a schedule E tutorial interesting for 25 minutes. 13:00 - Is the 11.5 months concept true if the renter was already in the building on 1/1/19? In other words, the renter is on a 2 year contract and they are in the house for all of 2019. What if I occupied the house until 6/30/19 and the renter moved in 7/1/19 for the rest of the year? Would you still knock off half of a month (5.5/12)? 21:24 - Form 8582 has income limits to be able to count losses. Do those limits apply to Schedule E too? If my income is $150,001 and schedule E shows net loss of $100, can that be used to reduce my income? I'm not sure if the $150k limit is gross or AGI. It seems using AGI would create a feedback loop as Schedule E is supposed to reduce AGI, right? Are losses on this form related to AGI? If yes, does it matter if married filing jointly or filing individually? Thanks!

[@MoneyandLifeTV]

Thank you! I would need to double check, but I'm pretty sure you would knock off half a month. SCH E isn't really meant to reduce AGI. Most rental losses can only be used to offset rental income. Perhaps I will make short video concerning these inquires.

[@dreamcatchinbebo4080]

Great video. Great information. Great walk thru each section and form. Do you have more videos like this??.

[@MoneyandLifeTV]

Hi Dreamcatchin. I have a few videos that walk directly through tax forms. My complete tax playlist can be found here. 96 videos in all so far. kzbin.info/www/bejne/iJWlnXihq9x-l7s

[@dreamcatchinbebo4080]

@@MoneyandLifeTV Thank you for the reply. I will for sure go thru them..Can you recommend a online program to learn from A to Z. I have real estate investment and would like to do all my own taxes and for my family for the future. Have a great Holiday.

[@sandrazarate6859]

You are amazing Mike! I appreciate your content.

[@stephenbjordan]

Mike could you mock up the Rental_Income excel spreadsheet similar to the one you did for the Sch. C where the expense "sheets" are linked to the summary page. The expense sheets are already present in the Rental_Income template, but the expense sub-sheets still need to be linked to the Rental summary sheet? Thx much.

[@michellewithless]

You are the BEST! Very informative, as usual.

[@MoneyandLifeTV]

I appreciate that! thank you Sushi!

[@naomivela9901]

This video was awesome and very informative. Thank you!!

[@ammarfarhan6127]

I just make my life easier, thank u so much

[@mikhailrosenberg4096]

Thanks. Just what i needed to figure out!

[@ixtiltonzro]

Thank you this was very informative!

[@MoneyandLifeTV]

You are so welcome!

[@kodyfong4734]

Also i wasn't sure if you had a loss on schedcule e would it be able to offset income you made from w-2 wages since it gets reported to schedule 1 which then gets reported to the 1040 line 8

[@calialcala1750]

Your the CPA 👨‍💼 man thanks for your help

[@MoneyandLifeTV]

Glad to help

[@Cashflowsavage]

I wish I could like the video 100x fantastic content

[@frogfood7772]

Thank you so much for this video! This is embarrassing, but I am just now completing my 2019 taxes and it is August of 2021. I put it off because I was so confused (also, I'm a teacher and I always put this stuff off til summer). This helps though. Can I ask a couple questions? 1) I remodeled my house to turn a portion of my house into a rental apartment. For the amount I can claim on taxes, do I just take the % of square footage of the apartment as the % I can claim on my house (mortgage interest, insurance, utilities, landscaping costs...) 2) I kept track of most of my expenses for building and remodeling. I did all of the work myself. Can I claim any of my own labor as an expense? 3) I finished the Apartment in May but did not get a renter until August. I had it listed and advertised starting in May. It sat empty for three months, do I still get to depreciate for those three months, or only for the time I actively had a renter? I look forward to a response if you have time, either way, thanks again!

[@robhansen5194]

Thank you so much for this it helped my understanding a bunch!! Couple of questions, am I required to depreciate a rental property, because if I sell it I have to reclaim the depreciated amount correct? Also if I do depreciate that property and later (say several years) decide to occupy that property as my primary residence, do I have to then reclaim the depreciated dollars? Thank you for taking the time to answer.

[@nonequivalence1864]

I just bought my first rental property, I'm charging $1000/month ($12,000/year) to the tenant and I'm slated to make $500/month after all expenses paid, $500 * 12 months = $6000/year. I was hoping to use that $500/month for lifestyle purposes, but after watching this vid, your hypothetical property made only $442 in net income after taxes? I thought it was possible to avoid taxes completely using depreciation and the various other tax write offs. At least that's what I've interpreted as I was doing my research. I guess my main question is, come tax season - do I need to pay any money (taxes) out of pocket? This is my understanding of the video, please correct me if I'm wrong. Thanks a lot in advance for your explanation😃.

[@josephk9182]

Excellent Video: I have a question regarding passive expensses if you have 3 properties in 2019 schedule E line 20 as follows : property A you lost (1500), property B you gain $2000, Property C you gain $1300 . Can you cary over $1500 as passive expensive carry over from 2019 for property A in 2020 ? If 2019 Scedule E line 26 - Total rental real estate and royalty income or (loss) is (800) Can you carry to 2020 800 lose Appreciate your reply.

[@MoneyandLifeTV]

Hi Joseph, I do not have time to go into detail because its quite complex, but all passive losses that cannot be deducted carryforward and can offset passive income in the future years from any of the properties that does have passive income. In order to use the passive losses passive income income has to be generated. Long story short they will eventually get used up so no worries.

[@josephk9182]

@@MoneyandLifeTV Thank you. I researched it and what I found is that Unallowed losses on Form 8582 Worksheets 5, 6 or 7 are the losses that carry forward to the next year.

[@MacCurtisHolisticHealthTalk]

Great video, I'm little old school. I keep every receipt, bank statements & credit card statements. That way if get audited, I have more than enough evidence of proof. I do keep a monthly budget in excel. I wanted to know where to put Office supplies (copying, faxing, staples, pens) etc expenses??

[@MoneyandLifeTV]

Hi Mac, if it is for a business (vs your personal home) then you can deduct as an other deduction.

[@holylabs]

So basically if you try to do a refi cash out or a Heloc or use the rental income to off set the mortgage payment you are screwed doing it this way. This is only good should you never need to have rental income showing as income to help off set debt and qualify you for a mortgage loan.

[@robersonmedia6253]

Can you deduct your time if you are managing the property without property manager under the management fee?

[@MoneyandLifeTV]

Good question, but the answer is no. However, you can deduct mileage to go the property

[@beverlyperkins3200]

I am so happy that I stubbled on to your video. I have been struggling trying to understand Schedule E. Many questions have been answered from watching your video. My situation is due to covid-19, I only received $200 in rental income but I have many expenses, so having a loss, do not help your personal income tax at all? Please explain if the loss can not be more than the income gain. Thanks

[@IrfanAli383]

Very helpful video Thank you very much

[@Kate-C]

Thank you very much!! Very helpful for me. I have a rental property. My tax preparer explained how it works briefly, but I did not understand fully. My next question is what happens to Tax consequences if I sell this rental property.

[@MoneyandLifeTV]

Glad it helped! Hey Kate thanks for watching! Good question regarding taxes on property sales. Its a bit complex to explain but there is a chance you would pay capital gains on the proceeds received if you sold the property for more than you purchased it for (which is very likely with real estate). The basic formula to calculate is (Gross proceeds from sale of property less selling expenses - less the price you bought the property for less less depreciation = Gain or loss on sale. The amount of the gain is taxed at capital gain rates (generally speaking). Section 1250 capital gain rules may apply.

[@dragonfly1414]

I like the version you do the depreciation vs TurboTax software doesn't it a little tricky.

[@lseh4720]

What can you deduct if you have put your property into an LLC? Anymore stuff than usual?

[@wilport]

What about if you buy a fixer upper, do you depreciate after you fix it or before?

[@yolandaquiroz-gk4ue]

hi I sold my rental property can you show a video on how to fill out 4797 form thank you

[@fpm8338]

I live in a duplex that I own. We do short term rentals out of the other side - to depreciate this asset is it as easy as taking 50% of the value to depreciate? Also, we are looking for a CPA as this is our first year operating. Do you file taxes for the state of FL? If so, I would be interested in doing a consulting call with you. I'd be happy to pay you for your time. Thank you.

[@susiekelly4322]

A lot of good ideas!

[@MoneyandLifeTV]

Glad you like them!

[@abrarmahiat1082]

You are awesome! Thank thank you so much.

[@AssortedVideosforALL]

Does this also include Known as (LOT RENT) Payment also.? = i Pay Them Via Bank Cashiers Check...

[@danielmontes7893]

i have a question i had losses on one of my properties i have six that had passive gain can i use the one with the loss to offset my total gains from my other properties

[@joeycopperson]

Thank you for informative video. One question : What are some examples of prior year losses that can be used for that field?

[@cegusquiza]

I am an airbnb host as well. I bought a property at the beginning of 2020. I couldn't move there until July 2020. We decided to do airbnb until we moved. When we moved, we continued doing Airbnb on the detached studio the property has. I am not sure if I should do a schedule E or Schedule C here?

[@tax-modern]

Schedule E

[@hailua85]

Great video. Please explain, how you get the Fair Rental Days and Fair Use Personal Day is the same number 365 days?

[@seamfamily]

Purchased a first rental in Nov 2021 and spent lots of $ to upgrade to make it rental ready (blinds, washer/dryer, etc) but rental started in Feb 2022 and didn’t claim loss last tax year in 2022. Anything i can do to report loss for 2021?

[@smrutipatel1270]

Very good explain❤