Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Is there a schedule e worksheet in ProConnect? I have a partial rental so all the expenses and depreciation are based on a percentage. Turbotax did this for you.

 
Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Level 4

There is a direct (rental portion) and indirect (whole house) input fields.

However, I prefer to compute in a spreadsheet along with other tax documents outside the tax return. The reasons are:

  • the client can see where the numbers come from (e.g. many repair expenses).
  • it is more flexible to deal with any situations (e.g. how base is derived).

Let me know how you do this.

If this answer is helpful, please read and act on my signature.

--
Click this link to vote. Like many good things in life, we have to fight for them.

View solution in original post

0 Cheers
7 Replies 7
Level 4

There is a direct (rental portion) and indirect (whole house) input fields.

However, I prefer to compute in a spreadsheet along with other tax documents outside the tax return. The reasons are:

  • the client can see where the numbers come from (e.g. many repair expenses).
  • it is more flexible to deal with any situations (e.g. how base is derived).

Let me know how you do this.

If this answer is helpful, please read and act on my signature.

--
Click this link to vote. Like many good things in life, we have to fight for them.

View solution in original post

0 Cheers

Thank you.  This is helpful.  TurboTax does this all for you and I did follow last year’s TurboTax worksheet to input into the direct (rental) field.  I am not sure what the indirect (whole house) field would do.

Your suggestion of doing it in a spreadsheet is perfect.  I’ll do that, thank-you.

 

 

0 Cheers
Level 4

"I am not sure what the indirect (whole house) field would do."

It will be allocated to the rental portion by percentage which you enter in another field, but if you have 10 repairs, some are direct and some indirect, the final schedule E will show one number and the client does not know where the number comes from. I tried various way, including the extended field option (click the "+" sign), but finally I decided that a separate spreed sheet is the best option which will cover all cases. I would like to know the other ideas people have.

--
Click this link to vote. Like many good things in life, we have to fight for them.
0 Cheers
Level 15

"Is there a schedule e worksheet in ProConnect? I have a partial rental so all the expenses and depreciation are based on a percentage. Turbotax did this for you."

There are tabs across the top Schedule E input > Look at Personal Use of Prop...

Your most typical options is (a) Percentage of business use (.xxxx)[Override] put the percentage of property being rented (let's use .6667) This one entry will take 2/3 of all indirect expenses and depreciation and use that on Schedule E. If you have some item that is TOTALLY for the rental (like gardening) then you put it direct column. You may further need to mess with the SALT deduction.  You input all depreciation at full amount and the program will fix it up for you. 


ex-AllStar

Perfect!  Thank you.

0 Cheers

How do I get to schedule E input form to see the tabs at the top. I can see Schedule E in forms but not Schedule E as input

0 Cheers

Nvm, I see the tabs in schedule E, thank you!

0 Cheers