Schedule E $-$ Income $($or Loss$)$ From Rental Property

Eric Milton, $34,$ and Sara Milton, $31,$ own a rental property from which they derive income, in addition to their salaries $($Eric is a high school teacher, and Sara works as a nurse$).$ They have two children: Kara $(6)$ and Kaden $(2).$ Kara's SSN is $660-43-1555,$ and Kaden's is $674-19-5031,$ both under $17.$

The address of their rental house is $19557$th Street, and they receive rent in the amount of $$1,250$ per month. The house was empty for two months $(62$ days$)$ during the year when a prior tenant moved out. However, the new ten$-$ant paid a $$1,250$ security deposit and $$1,250$ for one month of advance rent. Complete page one of Form $1040$ to Line $9,$ total incomes, for the Milton's, including Schedule E for their rental income. They paid the following rental expenses during the year:

Heat $$600$

Mortgage interest $$2,830$

Water $$700$

Insurance $$540$

Taxes $$1,550$

They also paid the following expense when filling the vacancy:

Commission $$200$

Cleaning $$90$

Advertising $$85$

Credit check $$50$ Touch$-$up painting $$120$

Repairs $$180$

Also enter $$3,300$ in depreciation for the property

$\backslash$table$[[$a Control Number,OMB No$.1545-0008],[\backslash$table$[[$b Employer Identification Number$],[49-2256782$