TLDR:
Where do I enter my rental business income and expenses on Turbo Tax?
Is it the rental section for Schedule E or the business' section for Schedule C?
If I enter it on Schedule C, do I add my properties as assets so they can be depreciated?
Additional information:
I'm not a licensed real estate agent but I think I qualify as a real estate professional by IRS standards.
Not including my home, I have:
- 2 residential properties and 1 vacant lot I'm holding until the price goes up - I'm in the middle of rezoning them.
- 4 commercial properties rented out.
- 2 residential properties rented out.
- I personally manage it: collect, invoice, get contractors, pay property taxes (no NNN leases), and repair as myself what I can.
- I paid off my mortgages years ago. Interest was charged.
- It's not my only business but it is the only one I don't have an LLC for yet.
When I tried entering using the rental section, I got hit with a loss limitation so that made me look into passive vs. active renting.
Thank you for any and all help.
