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Get your taxes done using TurboTax
That is exactly my point. What exactly are you trying to indicate???
The code excludes rental income from self-employment taxes because they do not consider this type of income to be EARNED but instead a form of PASSIVE income due to the lack of active involvement.
In order to rely on section 162 however you are indicating you do have an active involvement (like in the course of business). You can’t have it both ways! Unless of course you elect the safe harbor which does not require “regular and continuous conduct of the activity” as does with section 162 but instead only 250 hours for the year.
April 8, 2021
8:11 AM