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 in 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, as well as 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 present 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 on 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.
- View transactions booked to the Portfolio level in the Net Income by Property report, under the 'None Assigned' column.
3) Click Generate Report to view, and Export to download as an Excel file.
