Schedule E |
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Schedule E App categorizes Income and Expenses, for Real Estate Rental or Royalties, into the Categories used by the Internal Revenue Service (IRS). There is an included module for calculating Mileage. Summary, Detail and Mileage Reports can be viewed or printed or e-mailed.
Start now preparing for next filing season. Be ready, get your refund earlier.
A Video explaining how to use the Schedule E App.
For most of us, doing our taxes is not easy or fun. This App makes it possible for you see calculated all the values you need to fill out your Schedule E. Our easy to use system and Instructions and Help file(s) give you what you need to complete the Schedule. At the end of the year, the user only needs to run a report, and use the report to directly fill out the Schedule E. See where the business is for any period; how is Income doing compared to expenses as of March, for instance.
During the year, you can see how your Income compares with your Expenses. At the end of the year, you can see how you did for the whole year, or any period you like. The Summary Report will produce the Amounts you need to fill out your Schedule E, based on your input. The Detail Report will provide those totals also, and will be what your tax consultant will want to see, along with your receipts.
With this App, you can keep track of Income and Expenses as you receive or pay them, or, do it all at the end of the year.
These Apps cannot be purchased from the Website. They are to be purchased on your Apple or Android Smart Phone. Once you have registered and have your username and password you can access the Web App through the Icon on this page. The Web Apps are there to allow you to access the App on a larger screen where you may prefer to work. You may still work from your Smart Phone also.
Schedule E tracks Income and Expenses for Real Estate Rental or Royalties for Internal Revenue Service (IRS) Categories. The user can input data through their Android Phone or their PC though our Web App, after purchasing the App on their phone, and Registering their Username and Password on their phone. These credentials can be used to access the Web App. Some would prefer to use the larger screen on the Web App.
There is an included module for calculating Mileage. Summary, Detail and Mileage Reports can be viewed or printed or e-mailed. As the year progresses you can enter Mileage as you finish your trip. You can enter a receipt as you leave the hardware store, or, you can do this at home on your phone or using the Web App.
During the year, you can see how your Income compares with your Expenses. At the end of the year, you can see how you did for the whole year, or any period you like. The Summary Report will produce the Amounts you need to fill out your Schedule E, based on your input. The Detail Report will provide those totals also, and will be what your tax consultant will want to see, along with your receipts.
With this App, you can keep track of Income and expenses as you receive or pay them, or, do it all at the end of the year.You can refer to the IRS Instructions to arrive at Depreciation and enter it into this App. If this is not the first year of depreciation (you bought it this year) or the last year (you sold it this year), it is probably the same amount as last year. If you have a tax preparer, you can furnish them all the number they need to fill out your schedule E, or, you can do it yourself.
It is helpful to know that there are two sources of income for rental property, and how the Internal Revenue Service looks at both. One is the Profit or Loss from the Sale of the Property. The second is the Profit or Loss from the rental of the property.
I need to touch on how the Sale of the property works first to help you understand the Rental Income profit or loss. When you buy a rental property, there is a Final Settlement Statement, on it, you can derive the final cost to you to purchase the property, it is rarely the amount you offered to pay and the seller accepted. It is my opinion that any non-depreciable expenses paid to get the property ready to rent, along with the depreciable items and the bottom line on the Final Settlement Statement make up what is called the “Basis”. When you get ready to sell the property, you can add to that the expense of getting the property ready to sell also, and that would be the new basis. Once it is sold, subtract the basis from the bottom line on the new settlement statement to arrive at a net gain or loss. The depreciation taken during the life of your ownership of the property would be added back to the net gain or loss to arrive at the Capital Gain (or Loss).
Why do you need to know that? The App keeps track of the expenses and the depreciation for you, the rest of the numbers are on your Final Settlement Statement. You need to keep track of the date of first rental and the date the final tenant moved out.
The second way is P&L from the Rental of the property. Using a date range, you can get a report for all the expenses from the time of purchase to the time of first rental, and, for every tax year (January through December, for instance, or from first rental to December, or from January until the renter moved out), and, from when the last renter moved out, and the sale of the property. So you can get any set of numbers you need, on a report, in Detail or Summary, to deal with the Federal Taxes from purchase to sale.
First, add a Company Name, then, you can start adding Income or Expense items. You can add as many Properties as you like.
The IRS has various Categories that they want Income and Expenses Items applied to. Use the screens provided to drill down to the Category you wish to add. After you have added some or all the data, you can get a Detail Reports or Summary Reports.
The Summary Report can be used to fill in the Schedule E. A function is also provided to record Mileage. Because there are so many rules that apply to Depletion and Depreciation, the user will have to follow IRS instructions to arrive at this number for the Schedule E. In general, the property will be depreciated over 27.5 years, and expenses that add Years of Life or increase the Value of the property should be Depreciated for various numbers of years. Consult the IRS Instructions for help with this, or consult your tax preparer. Note that if unless you purchased the depreciable Item on January first, or sold it on December thirty-first, you will pro-rate the first and last years. This means that you take the number of months you owned it, divided by twelve, times the annual depreciable amount to arrive at the first and last year’s depreciation.
A Suggestion, set up a directory for all your properties, and subdirectories for each property under that, by address. Under each property, set up subdirectories for Rent Received, Expenses, Pictures, and Property Acquisition Documents. Ask your Property Manager (PM), to send you their monthly statements electronically, and their Receipts for Expenses electronically, and the Pictures taken between tenants to show damage electronically. Keep all paper receipts, in date order, in envelopes by year, in a Property File. At the end of the year, you can review the paper and electronic receipts, in date order, against a Detail Report, to insure you have entered all the expenses into the App. The same applies to Income.
Anything in this app should be verified against the IRS Instructions. I make no guarantee as to the accuracy of anything in this App. One person’s interpretation of the Instructions may be different from another’s or what the IRS had in mind.
Posts will be moderated to prevent folks that do not read Help files from blowing off steam. Constructive criticism will be allowed and is appreciated.
Below are some screenshots from the App:
[table id=e /]