Schedule E Real Estate Taxes for Rental Owners & Investors
Rental real estate is commonly reported on Schedule E. Correct reporting matters — especially for depreciation, repairs vs improvements, and compliance over multiple years.
Who this is for
- Landlords with long-term rentals
- Investors with multiple properties
- Owners transitioning a former residence to a rental
- Mixed-use or partial rental situations
- Real estate owners who also have W-2 or self-employment income
Common Schedule E issues I help with
- Depreciation setup and prior-year corrections
- Repairs vs improvements (and why it matters)
- Tracking rental income and expenses cleanly
- Passive activity and loss limitation questions
- Rental property placed-in-service date accuracy
- Multi-property reporting consistency
What’s included
- Review of rental income and expense documentation
- Schedule E preparation as part of your 1040 filing
- Depreciation review and consistency checks
- Clear confirmation of scope and pricing before filing
- Recommendations for bookkeeping/recordkeeping improvements
Common questions
Do I need an LLC for a rental?
Not necessarily. Entity structure is a separate decision from how rental income is reported for taxes.
What if I did depreciation wrong in prior years?
That’s fixable. The correct approach depends on what was filed and how long it’s been in place.
What if I also have a Schedule C business?
We can handle both — many clients have self-employment income and rentals in the same year.
Ready to get started?
Start securely through the client portal. I’ll review your rental situation and confirm scope and next steps before anything moves forward.
Start securely through the client portal Self-employed? See Schedule C Not sure this fits? Start here
Gus Gilbertson, EA
Tax Preparation • Real Estate Taxes • Tax Resolution