Free download
Schedule E worksheet
A free Schedule E rental income and expense worksheet that adds itself up. Track up to three properties down the real Schedule E line order (rents through net income or loss), and the totals and the income-or-loss line calculate automatically. No email, no signup.
- Every Schedule E line, 3 through 21, in IRS order
- Up to 3 properties side by side, plus an all-properties total
- Totals and net income or (loss) are live formulas
Educational template, not tax advice. It mirrors the layout of IRS Schedule E (Form 1040) so your entries map to the form, but confirm your specific situation with your CPA.
What is on the worksheet
It follows Schedule E line for line, so whatever you total here drops straight onto the form. Each expense sits on the exact line the IRS expects, which is where a lot of returns quietly go wrong ("repairs" that were really improvements, or "other" catch-alls that should have been a real line).
| Section | Schedule E lines |
|---|---|
| Income: rents received, royalties | 3-4 |
| Expenses: advertising, auto and travel, cleaning and maintenance, commissions, insurance, legal and professional, management fees | 5-11 |
| Expenses: mortgage interest, other interest, repairs, supplies, taxes, utilities, depreciation, other | 12-19 |
| Total expenses | 20 |
| Net income or (loss) | 21 |
How to use it
Put one property in each column and enter what you actually collected and paid during the year. The Total income, Total expenses, and Net income or (loss) rows update as you type, and the last column sums all three properties so you can see the portfolio at a glance. Keep receipts for anything you enter, the worksheet is the summary, not the substantiation.
The two lines people get wrong
Repairs (line 14) vs. improvements. A repair keeps the property in working order and is deducted in full this year. An improvement (a new roof, an HVAC, a remodel) is capitalized and depreciated instead, so it does not belong on line 14. For which side of the line a cost falls on, see how to categorize rental expenses for Schedule E.
Depreciation (line 18). This is the deduction most owners under-claim, and it is not optional at sale: the IRS taxes the depreciation you were allowed to take whether you claimed it or not. Estimate it with the rental depreciation calculator, keep the year-over-year record in the depreciation schedule template, and enter the annual figure on line 18. Purchases of $2,500 or less usually skip depreciation entirely via the de minimis safe harbor election and deduct in full the year you buy them. It is also the paper loss that lets many landlords pay little or no tax on rental income, and the number that comes back as recapture when you sell or 1031.
The other half of your books
This worksheet is the income statement side: what came in and went out over the year. The snapshot side, what you own and owe on a given date, lives on a balance sheet. If you do not keep one, the free rental property balance sheet template pairs with this worksheet, and the rent ledger template keeps the per-tenant payment history that backs up line 3.
When a spreadsheet stops being enough
A worksheet is perfect for one or two properties and a tidy year. It gets brittle when the bank feed, the receipts, and the depreciation schedule all live in different places, and when basis and suspended losses have to carry forward correctly year over year. That running ledger is exactly what Oberlin24 keeps in the background, categorizing every transaction to the right line above and exporting a filing-ready Schedule E when you need it.
Frequently asked questions
Is there a free Schedule E worksheet I can download?
Yes, this one, and there is no email wall. It is a spreadsheet (XLSX) that opens in Excel, Google Sheets, or Numbers, laid out to match IRS Schedule E line for line so your totals map straight onto the form. Enter your numbers and the totals and net income or loss calculate themselves.
What does the Schedule E worksheet include?
Every line of Schedule E in order: rental income (lines 3-4), all fifteen expense categories (lines 5-19), total expenses (line 20), and net income or (loss) (line 21). You get three property columns plus an all-properties total column, and the total and net rows are live formulas.
Can I use this rental income and expense worksheet in Excel or Google Sheets?
Both. The file is a standard XLSX, so it opens directly in Excel and Numbers, and you can upload it to Google Drive and open it as a Google Sheet. The formulas for totals and net income or loss carry over in all three.
How is Schedule E net income or loss calculated?
Total income (rents plus royalties) minus total expenses (the sum of lines 5 through 19, including depreciation on line 18). The worksheet does this automatically per property and across your whole portfolio. A negative result is a rental loss, which may be limited by the passive activity rules and carried forward as a suspended loss.
Do I file this worksheet with my tax return?
No. It is a preparation worksheet, not a filed form. You (or your CPA) transfer the per-property totals onto the actual Schedule E of your Form 1040. Keep it with your records alongside the receipts that back up each number.