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Level 1
posted May 16, 2023 4:25:47 PM

Separate from my business as a freelancer, I have condos that I rent. Do I enter my condos as a second business after entering the 1099-MISC so I can enter the expenses?

At the end of entering the 1099-MISC under rental income, you get this message:

"Be sure to visit the Business Income and Expenses section so we can cover the business deductions you may be eligible to deduct."

 

My freelancing business is under an EIN.  The rentals are under my SSN.  Do I enter/create "a new business" for the rentals?

 

Thanks.

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1 Best answer
Level 15
May 16, 2023 4:31:45 PM

The rentals go on a Sch E  in the rental income section and the self employment goes on a Sch C  ... once you have completed the Sch C entries you will continue thru the interview to get to the RENTAL section.

 

2 Replies
Level 15
May 16, 2023 4:31:45 PM

The rentals go on a Sch E  in the rental income section and the self employment goes on a Sch C  ... once you have completed the Sch C entries you will continue thru the interview to get to the RENTAL section.

 

Level 15
May 16, 2023 5:32:38 PM

Rental income reported to you on a 1099-MISC is reported in box 1 of that form. If so, then the program should semi-automatically direct/guide you to the SCH E.

Long term residential rental real estate is reported on SCH E, and not SCH C.

For the rental income, it's usually best to not enter the 1099-MISCs until you are actually in the SCH E section of the program. In there for rental income, one of your choices is to indicate that you do have rental income reported to you on a 1099-MISC. Entering it there will ensure it's reported on the correct tax filing document (SCH E) provided the rental income is "in fact" reported to you in box 1 of the 1099-MISC.