Get the free schedule e form 1040 2019

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 havent 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 doesnt 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 LLCs 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 property as I have mentioned previously part two through five on the second page are only used by partnerships S corporations estates trusts and real estate mortgage investment conduits which is a type of real estate investment you separately list on the schedule your income and expenses for each rental property you own a rental property comprises all the rental units you have at a single address if you own a multi-unit building you must add together the income and expenses from all the units and listed totals on Schedule E Schedule E is designed to be used by up to three rental properties labeled here a B and C if you have more than three rental properties complete and attach as many schedules as you need for them all but fill in lines 20 through 23 a through 26 on only one scheduie by combining totals for all properties reported now if you own only a part interest in a rental property report only your share of the propertys income and expenses now for lines a and B we will just answer no to not making any payments that require form 1099 these questions are an attempt by the IRS to encourage landlords and others who file Schedule E to file all required 1099 x line one property description provide the applicable number code showing the type of property is it a single-family residence multifamily residence or is...