Are there any changes to Schedule E beginning in Drake 17?
Beginning in Drake 17 the Schedule E tabs have been redesigned. The first tab on the E screen is Property Info, and the second tab is Income/Expenses.
The first tab is used to enter property information such as the address, the the type of activity, and the property description.
The second tab is used to enter all Income and Expenses for the specific property. New in 17, line 2 Fair Rental Days, line 3 rent income, and line 4 royalties from oil, gas, mineral, copyright, or patent, have all been moved to the Income/Expenses tab.
There are three columns that can be used to enter and allocate expenses, however, most rental activities will only require entries in the first column, Expenses attributable to rental unit:
- Expenses attributable to rental unit (1) - Enter expenses related to ONLY the rental portion of the property.
- Expenses attributable to entire property (2) - Enter expenses as applicable to the entire property. This column is used for multi-occupancy rental units where a portion of the property is used for rental purposes and the taxpayer/spouse occupies the other portion, such as in a duplex. If this column is used, an entry will need to be made in the Taxpayer or spouse occupancy percentage box.
- Override software calculation (3) - This column is used to override the software's calculation for the expense lines (except line 18).
Note: Overrides cannot exceed the sum of the amounts in the first two columns. These overrides bypass limitations for ownership percentage, multi-occupancy percentage, and personal-use percentage. As such, use of these fields is NOT recommended, and entries should be made with caution.
Note: You can quickly toggle between the two tabs on this screen by pressing CTRL + TAB