Form PA-40 Schedule E Rents and Royalty Income (Loss) - Pennsylvania

What Is Form PA-40 Schedule E?

This is a legal form that was released by the Pennsylvania Department of Revenue - a government authority operating within Pennsylvania.The document is a supplement to Form PA-40, Pennsylvania Income Tax Return. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form PA-40 Schedule E?
A: Form PA-40 Schedule E is a tax form used in Pennsylvania to report rental income and losses.

Q: What types of income should be reported on Form PA-40 Schedule E?
A: Form PA-40 Schedule E should be used to report rental income, including both commercial and residential, and royalty income.

Q: What expenses can be deducted on Form PA-40 Schedule E?
A: Expenses such as mortgage interest, property taxes, maintenance and repairs, insurance, and depreciation can be deducted on Form PA-40 Schedule E.

Q: Is Form PA-40 Schedule E required for every rental property owned?
A: Yes, if you own rental properties in Pennsylvania, you must file Form PA-40 Schedule E to report the rental income and deductions.

Q: When is the deadline to file Form PA-40 Schedule E?
A: Form PA-40 Schedule E is typically due on the same date as your Pennsylvania income tax return, which is generally April 15th.

Q: Can Form PA-40 Schedule E be filed electronically?
A: Yes, you can electronically file Form PA-40 Schedule E using the Pennsylvania Department of Revenue's eFile system.

Q: What if I have both rental income and rental losses on Form PA-40 Schedule E?
A: If you have both rental income and rental losses, you will need to calculate the net income or loss and report it on your Pennsylvania income tax return.

Q: Do I need to include supporting documents with Form PA-40 Schedule E?
A: You do not need to include supporting documents with Form PA-40 Schedule E when filing, but you should keep them for your records in case of an audit.

Q: What happens if I don't file Form PA-40 Schedule E?
A: If you fail to file Form PA-40 Schedule E when required, you may be subject to penalties and interest on the unreported rental income.