Rental Income / Expense Worksheet (Schedule E)
IRS Schedule E (Form 1040) Part I worksheet. Gross rent, vacancy loss, EGI, 15 expense line items, NOI, taxable income (NOI - depreciation), cap rate, cash-on-cash, expense ratio, gross rent multiplier (GRM) and value at a market GRM. CPA governs final return.
Formula and source
gross_rent = monthly_rent * 12. vacancy_loss = gross_rent * vacancy_pct/100. EGI = gross_rent - vacancy_loss + other_income. NOI = EGI - sum(expenses) (excluding depreciation). taxable_rental_income = NOI - depreciation. cap_rate = NOI / property_value. cash_on_cash = NOI / cash_invested. grm = property_value / gross_rent (gross rent multiplier, income approach). value_at_market_grm = market_grm * gross_rent.
IRS Schedule E (Form 1040), Supplemental Income and Loss, Part I (Income or Loss From Rental Real Estate). Schedule E lines 5-19 (expense categories). 26 USC §469 (passive activity loss rules). 26 USC §1402 (self-employment tax exemption for rental real estate). The gross-rent-multiplier income approach per the Appraisal Institute, The Appraisal of Real Estate (15th ed.).
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