Schedule E Calculator for Rental Properties
Instantly calculate your rental property income, expenses, and net income for IRS Schedule E. Free, accurate, and easy to use — no signup required.
What is Schedule E?
IRS Schedule E (Form 1040) is where you report rental property income and expenses to calculate your net rental income or loss. This form is required if you own rental real estate, regardless of the number of properties.
Part I: Rental Income
Report all rent received from tenants
Part I: Expenses
Deduct mortgage interest, taxes, repairs, etc.
Net Rental Income
Calculate profit or loss for your tax return
Calculate Your Schedule E
Residential: Property value ÷ 27.5 years
Income
Expenses
Enter your income and expenses above to calculate your Schedule E results.
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Enter Income
Input your total rental income received for the year
Add Expenses
Fill in all deductible expenses (mortgage, repairs, insurance, etc.)
Calculate
Click "Calculate" to see your net rental income or loss
Save or Export
Save your results by email or auto-generate with our software
Common Schedule E Deductible Expenses
100% Deductible
- Advertising: Vacancy ads, online listings
- Repairs: Fixing broken items, patching, painting
- Insurance: Property, liability, flood insurance
- Property Taxes: Annual real estate taxes
- Mortgage Interest: Interest portion of loan payments
- Management Fees: Property manager commissions
- Utilities: Water, gas, electric (if landlord-paid)
Depreciation (27.5 years)
Building Value
Residential rental properties: Depreciate over 27.5 years
Example: $275,000 building value ÷ 27.5 = $10,000/year depreciation
Pro Tip
Land cannot be depreciated — only the building structure. A cost segregation study can accelerate depreciation for components like appliances, flooring, and landscaping.
Common Schedule E Mistakes to Avoid
❌ Deducting Principal Payments
Only the interest portion of your mortgage is deductible. Principal payments are NOT deductible on Schedule E.
❌ Mixing Repairs with Improvements
Repairs (fixing broken items) are immediately deductible. Improvements (adding value, like a new roof) must be depreciated. Many landlords incorrectly expense improvements.
❌ Forgetting to Depreciate
Depreciation is one of the biggest deductions — often $5,000-$15,000/year. Don't leave this money on the table!
❌ No Receipts for Deductions
The IRS requires documentation for all deductions. Keep receipts, invoices, and bank statements for at least 3 years (7 if there's audit risk).
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Frequently Asked Questions
Do I need to file Schedule E if I only have one rental property?
Yes. Even if you own just one rental property, you must file Schedule E to report rental income and expenses. This applies regardless of profit or loss.
Can I deduct a rental property loss on my taxes?
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 CPA for specifics.
What's the difference between repairs and improvements?
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.
How do I calculate depreciation for my rental property?
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.
Is this calculator IRS-compliant?
This calculator provides accurate estimates based on IRS Schedule E guidelines. However, for official tax filing, consult a CPA or use IRS-certified software like LandlordTax.tech.