EUs whose members own investment property may have income and expenses that need to be computed for FS purposes from IRS’ rental income form.
Allowable expense items from IRS’ rental income form include:
- advertising (AD)
- automobile travel (TO)
- cleaning (LW)
- commissions (CO)
- gardening (LW)
- insurance (IC)
- interest (LI)
- janitor and heating (LW)
- legal and accounting (FL)
- management fees (MF)
- office supplies (SM)
- repairs (list) (ER)
- salaries (LW)
- supplies (SM)
- taxes (TX)
- licenses (FL)
- telephone and utilities (BU)