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Level 1
posted May 5, 2024 5:26:07 PM

no option for residential real estate when adding assets

I purchased another rental home for my business and in the ADD Business ASSETS I can see no option for residential real estate. It gives me options for Non-Residential Property, Qualified Improvement Property, and Specific Qualified Improvements... BUT NO OPTION FOR RESIDENTIAL PROPERTY.

 

Is there someplace else I enter my new asset?

 

Thanks!!!!

0 1 49352
1 Replies
Level 15
May 6, 2024 12:34:54 AM

how were other residential rentals entered? if your business is a single member LLC or even a plain schedule C it's disregarded for income tax purposes so the reporting would be on schedule E. this is true even if you are a real estate professional whose business is buying and renting residential real estate.  if the rentals are producing a loss, the loss cannot be used to reduce any income you have that is subject to self-employment taxes.