The schedule E section of tax form 1040 is used to report income and expenses arising from the rental of real property, royalties, or from items such as trusts, estates, partnerships, or S corporations. The IRS 1040E tax form may not be familiar to you.
Schedule E is its own tax form that needs to be filled out and attached to form 1040, 1040nr, or 1041. Income from the above mentioned sources will also be reported on line 17 of form 1040.
To be prepared for this worksheet you should always have your income and expenses organized in a spreadsheet or finance software program. However you do it, have your numbers organized and at hand before you file.
Information that’s needed for the schedule E form:
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Schedule E can be e-filed, so this means that you can complete this process along with all of your other tax filing chores with an online service like TurboTax Online.