Things You'll Need:
- Financial Calculator
- Spreadsheet Softwares
- Tax Preparation Software
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Step 1
Report all income from your rental property on Schedule E of your federal income tax return if the property was rented or available for rent throughout the year and you did not occupy the property at any time.
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Step 2
Report all expenses for the rental property on Schedule E, including mortgage interest, property taxes, insurance, utilities, repairs, maintenance, management fees and depreciation.
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Step 3
Subtract your total expenses from your total rental property income for the year.
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Step 4
Realize that different IRS rules for reporting rental income and expenses apply to rental property that you occupied during the year, depending on the length of your occupancy.
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Step 5
Consult a tax advisor to make sure you've properly reported all rental income and expenses on your tax return.







