Tag: Schedule E

Determining Rental Income on a Consolidated Schedule E

Question: Our client’s rental income was reported as separate properties on their 2018 return.  However, on their 2019 the rental income was consolidated.  The IRS regulation 1.469-4(c) allows this, but we are struggling with documenting the rental income.  What are FHA guidelines for this situation? Answer: The consolidation approach certainly does make it easier for […]

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Can line 13 on Schedule E be added back in to calculate rental income?

Question: Can line 13 on Schedule E be added back in to calculate rental income? If so, since it is not listed as mortgage interest on line 12, do you need a 1098 to prove it was mortgage interest? Answer: Rental income calculations are different depending on whether the income is from the subject property or […]

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