 Income tax 2021-2022, residential rental property, what's new? Get ready to get refunds to the max, diving into income tax 2021-2022. Most of this information can be found in publication 527, residential rental property 2021 on the IRS website, irs.gov, irs.gov. Income tax formula, we're looking at line one income. We would typically have a supplemental schedule that being an income statement with income and expenses. Expenses basically being deductions to net then what rolls in to line one income. We then have the schedule E. This is basically kind of the income statement form. It's the supplemental income and loss. We're focused on it from the rental real estate in our case. So what's new? We have the excess business loss limitation. If you report a loss on line 26, 32, 37 or 39 of your.