E - Rental Income, Royalties, S-Corp Income

Tax Schedule E on Form 1040 is used by U.S. taxpayers to report income and expenses related to rental property, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs (Real Estate Mortgage Investment Conduits). It's commonly used by taxpayers who have income from being landlords or from investments in certain types of business entities. Schedule E allows for the deduction of expenses associated with these types of income, such as property maintenance for rental properties, and it calculates the total income or loss from these activities. This net figure is then reported on the taxpayer's Form 1040 and contributes to their overall income tax calculation.