Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Income — Rental and Schedules K-1

Special Allocations

Topic Activity

Focus on Forms

The total square footage of Spencer's house is 1,600 square feet, and the rental portion totals 400 square feet.

During the tax year he received $6,000 in rent. His expenses were:

  • $600 to repaint and clean just the tenant's room
  • $800 in mortgage interest
  • $1,200 in property taxes
  • $440 for household utilities, excluding phone
  • $360 for the first phone line

Click here to open and complete lines 3 through 21 of Spencer's Schedule E.

Schedule E

Schedule E