Nationally, more than half of U.S. homes are underinsured. Deduct rental expenses in the expenses section of Schedule E. To report rental income of property other than real estate, use: Form 1040. Report rental income on Form 1040, Schedule E, Page 1. A steady stream of rental income, property appreciation over the long-term, and reducing taxable income with business expenses and depreciation are just a few of the advantages of investing in single-family rental property.. However, when a property is sold the IRS tries to make investors pay for those advantages by collecting a tax on the capital gain. You might not use the rental property personally. If so, you don’t need to prorate your expenses between personal and rental use. Reporting rental income. The average cost of property management is between 7% and 10% of the monthly rent, according to Kevin Ortner, chief executive officer of Renters Warehouse — a company that manages around 23,000 properties throughout the U.S. If you haven’t bought your investment property yet, research whether any property management companies in your area are willing to manage a single rental. 1 Make sure your home is insured to at least 100% of its estimated replacement cost.. With the right home insurance coverage, you'll feel comfortable knowing that, in the event of a disaster, your property is protected.
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