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Generally, Schedule E should be used to report rental income/loss. According to the IRS: "Generally, Schedule C is used when you provide substantial services [i.e. hotel like services] in conjunction with the property or the rental is part of a trade or business as a real estate dealer."
by TurboTax•1123• Updated 2 months ago. Generally, landlords filing 1040 or 1040-SR returns will report their rental income and expenses on IRS Schedule E: Supplemental Income and Loss. However, if you provide "substantial services" to your tenants or your real estate business generates rental income, use Schedule C: Profit or Loss from ...
1 Best answer. It does not affect a business loss but allows you to be able to deduct your passive losses from rental property if your income would normally not allow it. The question is found in the Rental interview. (See the attached screenshot below. Click to enlarge.) Qualifications.
the issue is for those of us who flip multiple houses ("dealers") with sole member llc filing a 1040 schedule c, how does a person differentiate the houses on a single line?
I am a real estate agent that gets a 1099 from the real estate agency I work for. On schedule C, do the monthly fees I pay them go on the legal & professional line or on their own line under miscellaneous? Should MLS fees and Real Estate Association dues go on the professional line or under misce...
I only see the commercial real estate as an option.. however, this is residential real estate, NOT Commercial.. I shouldn't be forced to claim depreciation on Schedule E, simply because TurboTax's software doesn't have another option on schedule C for 27.5 year depreciation.
The most accurate way would be to use Form 8829 to calculate your deductible expenses and enter those expenses on Line 19 Other expenses. The following TurboTax link has information on how to prepare Form 8829. You will have to complete a "mock" Schedule C to generate Form 8829 with your home office deduction.
1 Best answer. The bottom line here is that you will not qualify on material participation alone for the purposes of avoiding the passive loss rules. If you have short-term rental property and provide substantial services to your renters then the rental of the property should be reported on Schedule C.
9,927. Reply. Bookmark Icon. IsabellaG. Expert Alumni. Unless you are a Real Estate Professional reporting your rental property as a Self-Employed Business, on Schedule C, you don't need a business code, but if you are, you might choose 531100, for Lessors of Real Estate and Dwellings. **Say "Thanks" by clicking the thumb icon in a post.
1 Best answer. GeorgeM777. Expert Alumni. It depends on whether you are "in the business" of flipping houses for a profit or if this "flip of a house" was just an investment property. If you are in a business of flipping houses, then all aspects of the sale will be reported on form Schedule C, Profit or Loss From Business.