01 / RENTAL TAX PREPARATION
Schedule E & Rental Property Taxes
Every property. A clearer tax picture.
Schedule E preparation for landlords and real estate investors, with careful attention to rental income, expenses, depreciation, and the rest of your return.
Rental reporting with the details in view.
A room rental and a portfolio of investment properties bring different reporting questions. Andrew reviews how each property was owned and used, then connects the rental activity to your entire tax profile.
Income & expenses
Organize rental income and deductible expenses by property, including management fees, mortgage interest, insurance, taxes, and repairs. Review personal use and distinguish repairs from capital improvements.
Depreciation & property history
Review purchase records, land allocation, placed-in-service dates, improvements, and existing depreciation schedules. Consistent asset records matter from the first rental year through a future sale.
Passive losses & carryovers
Evaluate participation, applicable loss limitations, and suspended losses from earlier years. A rental loss on paper does not automatically offset wages or other income this year.
CLIENT PERSPECTIVE
A personal approach.
Avi described help with a return that included W-2 income, stock sales, and a room rental in his primary home. He appreciated clear answers and the secure upload and electronic-signature process.
Avi C. · Thumbtack · August 24, 2026
Read reviews on Thumbtack ↗Bring the details. We’ll connect the picture.
Bring prior returns, depreciation schedules, purchase closing statements, income and expense reports for each property, and improvement invoices. Include rental and personal-use dates so the reporting reflects how the property was actually used.
Quarterly consultations give us time to understand what is changing in your life, business, and properties. Meet Andrew and learn about his approach →
Schedule E & Rental Property Taxes FAQs
Can you prepare taxes for multiple rental properties?
Yes. Keep income, costs, ownership, and asset records separate for each property. Andrew reviews the portfolio together while preserving each property’s reporting history.
Can I deduct all of my rental losses against my salary?
Not automatically. Income, participation, personal use, at-risk rules, and passive activity limitations can affect the deduction. Some disallowed losses carry forward.
Are repairs and improvements treated the same?
No. A repair may be currently deductible, while an improvement may need to be capitalized and depreciated. The work performed and supporting invoices help determine the treatment.
Does every rental belong on Schedule E?
Many real estate rentals do, but activities involving substantial services or other special facts may require different reporting. Andrew reviews the actual arrangement.
What if depreciation was missed in an earlier year?
Start with the property history and prior returns. Depending on the facts, correction may require an amendment or another tax procedure; an amendment is not always the appropriate method.
EXPLORE RELATED GUIDANCE
Let’s talk about what comes next.
Start with your questions. Leave with a clearer understanding of your next step.