The Schedule E Report
REI Hub offers several reports to help you summarize your numbers, assess your profitability, and prepare for taxes. If you own rental real estate in your own name or a disregarded entity such as a single-member LLC, you likely need to file a Schedule E with your personal tax return to report your rental income and expenses. The Schedule E report will show your revenues and expenses in the same format as the IRS form and help you include mileage and pro-rate overhead expenses across your individual properties.
The Schedule E is similar to Form 8825, which is typically used when property is owned by a multi-member LLC, partnership or S-corp. The two reports differ slightly in their expense categories. The Schedule E has two expense categories for interest - mortgage interest and other interest (non-mortgage), while the 8825 just has one combined interest category. The Schedule E has a management fees category not present on the 8825, and the 8825 has a wages and salaries category not on the Schedule E.
- The Schedule E pulls off of the default Revenue and Expense accounts and their sub-accounts. If you have created additional Expense accounts that are NOT sub-accounts of one of the defaults, they will be listed underneath the Other column.
- View your overhead, or Portfolio level expenses, in the Net Income by Property report under the 'None Assigned' column.
To export your Schedule E:
1) Navigate to the Reports page and click on Schedule E
2) Select the Property and options
- Make sure the appropriate tax year is selected
- If you have entered any mileage expenses, check the box to include them in your Schedule E export. They will roll in under the 'Auto and Travel' expense category.
- If you have any transactions booked to the Portfolio level, check the box to prorate them evenly across all of your properties.
- In the Net Income by Property report, view transactions booked to the portfolio level under the 'None Assigned' column.