Need to add specific income and expenses to Schedule E
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New Member

Need to add specific income and expenses to Schedule E

Hello,

I would like to add income from a 1099 into my Schedule E as "Rents Recieved" and a corresponding "Storage and Office Expense" on Schedule E under "Other" expenses. How best to go about doing that?

ADDITIONAL INFO: I do not own this property. The Sch E setup suggested below doesn't seem to have an option for this?

Thanks

Max
7 Replies
Employee Tax Expert

Need to add specific income and expenses to Schedule E

Navigate to the Rental Properties and Royalties section. 

  • In your open return, select My Account
  • Tools
  • Topic Search
  • Type 'sch e' in the box, then select GO

After the initial property set-up, enter the 1099 form under the Rental Income section of the Rental Summary. Enter the Storage and Office Expenses in the Expense section

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New Member

Need to add specific income and expenses to Schedule E

ADDITIONAL INFO: I do not own this property. The Sch E setup suggested below doesn't seem to have an option for this?
Employee Tax Expert

Need to add specific income and expenses to Schedule E

Are you subleasing the property?
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New Member

Need to add specific income and expenses to Schedule E

No. We lived in it and we used a defined portion of the space for office storage and we were reimbursed by our company (i.e. we received reimbursement  via a 1099-MISC that we want to partially offset by deducting the percentage of the space x our monthly rent)
Employee Tax Expert

Need to add specific income and expenses to Schedule E

Ok. This is not a rental at all. What box number on your form 1099-MISC?
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New Member

Need to add specific income and expenses to Schedule E

Box 1 (Rents). I had the same situation in 2015 and my accountant put this on Schedule E (Rents Received) and deducted the expense on line 19 (Other) and included a statement that defined it as "Storage and Office Expense" Can I replicate that here?
Employee Tax Expert

Need to add specific income and expenses to Schedule E

Ok, under the schedule e section then, indicate that you rented a part of your home under the Property Profile section, enter personal use days for the space (0), then enter the rental use percentage. From the Rental summary page, enter the 1099-MISC and the expenses as outlined in above answer.
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