Rental Income and Expenses

Rental income and expenses is reported on Form 1040 Schedule E. If you rent out a home, condo, townhouse, or any other type of rental property also known as rental real estate, then you must report the rental income received and list each rental expense by category on Schedule E.

If you are the landlord, then you are required to organize your rental ncome and expenses and keep detailed records and receipts of your rental property cost basis, income, and expenses.

Rental expenses include:

• •  Advertising costs
  • Cleaning and maintenance costs
  • Repairs to your rental property
  • Property management fees
  • Depreciation
  • Travel expense
  • Meals
  • Insurance
  • Association dues and assessments
  • Mortgage interest
  • Real estate taxes
  • Landscaping expenses
  • Trash removal
  • Utilities

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If your rental property is out of town, then additional expenses may apply.

You must allocate expenses if your rental property is used personally and rented out for part of the year.

Rental property is treated by the IRS as a business so keep accurate records of your rental income and expenses. Rental property is considered a passive activity so the IRS sets rental loss limitations on your rental property.

Check with an income tax expert to make sure you have taken advantage of all the rental income and expenses for your rental property.