Rental Property Tax Worksheet

Rental income is taxed as ordinary income on Schedule E, but you can deduct mortgage interest, property taxes, insurance, repairs, and depreciation. Depreciation alone often creates a paper loss. Use this worksheet to calculate your net rental income or loss and understand the passive activity rules that limit when you can deduct losses.

Income

Gross Rental Income ($)

Other Income (late fees, etc.) ($)

Deductible Expenses

Mortgage Interest ($)

Property Taxes ($)

Insurance ($)

Repairs & Maintenance ($)

Property Management Fees ($)

Utilities Paid by Owner ($)

Advertising & Leasing ($)

Legal / Professional Fees ($)

Depreciation

Property Value (land excluded) ($)

Property Type

Your Situation

Your Modified AGI ($)

Actively Participate in Rental?

Gross Rental Income

Total Operating Expenses

Annual Depreciation

Net Income / (Loss) Before PAL

Passive Activity Loss Allowed

Loss Suspended (carryforward)