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Schedule E and Bankruptcy

What is schedule E?

Filing for bankruptcy can include a lot of paperwork and filing of a lot of forms. There are a lot of schedules that need to be filled by individuals when filing for bankruptcy. The schedule E form is one such form that an individual may fill. Any income or loss from real estate properties, royalties, any kind of partnership or trusts may be reported on a schedule E form. Incomes or losses from S corporations may also be reported on the schedule E. When filing for bankruptcy, individuals need to be sure of what they need to mention on the forms and what they need to leave out. Given below are some of the questions about the schedule E forms that individuals may ask.

Can a Student Loan be mentioned on a Schedule E Form?

A student loan may not be mentioned on a schedule E form. Student loans may not be considered as taxes or money owed to the state even if they are backed by the state and hence, cannot be mentioned on the schedule E. They may be mentioned on schedule F as a non priority debt. In some situations, student loans may be listed on schedule E forms if they are considered to be priority debts and are assets that are available for distribution. However, in most cases, the bankruptcy trustee may object to listing student loans on schedule E forms.

Can Child Support Obligations be Mentioned on a Schedule E Form?

Only child support arrearages may be mentioned on a schedule E form. Schedule E forms may not be used for current and future child support obligations. Current and future child support obligations may be mentioned on schedule J.

Should a Rental Property be Reported of a Schedule E?

A property that has been rented for less than 15 days may not be reported on a Schedule E. That is because the main function of a property rented for less than 15 days would not be considered to be rental and hence it does not need to be reported on a Schedule E. The IRS would not raise a red flag on the audit if the rental property was not reported on Schedule E if it was a short term rental.

What should an Individual mention under “Amount of Claim”, “Amount Entitled to Priority” and “Amount Not Entitled to Priority” on a Schedule E form when reporting Child Support Obligations?

An individual may list the total amount of any past due child-support that he/she may have under “Amount Entitled to Priority” and “Amount of Claim on the Schedule E form. Nothing would be listed under “Amount Not Entitled to Priority” if the individual had any past due child support.

How can an Individual Correct a Wrongly Checked K-1 Box on Schedule E?

How to correct a wrongly checked K-1 box on a schedule E would depend on whether the individual is using an online version of the form or the Windows based installation of the form. The individual may completely delete the K-1 form and start from the beginning. He/she may choose the home tab in the online version of the form and click on the “delete form” button at the bottom of the screen. This will give a list of forms from which the individual may select the K-1 form and delete it. However, if the individual is using the desktop version of K-1, he/she may go to the forms mode, and look for the K-1 in the list that is given on the left. The form would open if the individual clicks on it. The individual may then go to the right pane of the form and either edit it or delete it.

Filing for bankruptcy is not an easy task. The amount of paperwork involved can leave individuals confused and frustrated if they are not sure of what they need to put in the forms. Knowing what to add and what to leave out on schedule E forms will help individuals understand how to fill up the form and make the bankruptcy procedure that much easier.
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