Question 1

Do I need to file Schedule E if I only have one rental property?

Accepted Answer

Yes. Even if you own just one rental property, you must file Schedule E to report rental income and expenses. This applies regardless of whether you made a profit or loss for the year.

Question 2

Can I deduct a rental property loss on my taxes?

Accepted Answer

Maybe. If your adjusted gross income (AGI) is under $100,000 and you actively participate in managing the property, you can deduct up to $25,000 in rental losses. The deduction phases out at higher income levels. Consult a tax professional for specifics.

Question 3

What's the difference between repairs and improvements?

Accepted Answer

Repairs restore the property to its original condition (e.g., fixing a broken window) and are immediately deductible. Improvements add value or extend the property's life (e.g., new roof, kitchen remodel) and must be depreciated over time.

Question 4

How do I calculate depreciation for my rental property?

Accepted Answer

For residential rentals, divide the building value (not including land) by 27.5 years. Example: If your property cost $300,000 and the land is valued at $50,000, your annual depreciation is ($300,000 - $50,000) ÷ 27.5 = $9,091.

Question 5

Do I need to issue 1099 forms to contractors?

Accepted Answer

Yes. If you pay an independent contractor $600 or more in a year for services (repairs, property management, etc.), you must file Form 1099-NEC or 1099-MISC with the IRS and provide a copy to the contractor by January 31.

Question 6

Can I track credit card expenses automatically?

Accepted Answer

Yes! Pro plan users can connect their credit cards via Plaid to automatically sync transactions. The system categorizes expenses into IRS Schedule E categories and sends payment reminders before due dates.

Question 7

How does AI tax optimization work?

Accepted Answer

Our AI analyzes your transactions, identifies missed deductions, suggests reclassifications for better tax outcomes, and provides year-end tax planning alerts. For example, it might recommend completing a $5,000 repair before December 31 to save $1,250 in taxes.

Schedule E & 1099 Tax Softwarefor Rental Property Landlords

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