My Turbo Tax reports it on Schedule E, including passive suspended losses from prior years. I also have a consulting business which is reported on Schedule C.
A little research and I see the wisdom of your question. Do I have this right:
- In order to get the RE professional treatment, I must report the business on Schedule C
- Of course I have to pass the 750 hours/50% thresholds
- In this case, I could offset my income from consulting with the rental losses
If I did qualify, would I be able to deduct prior year losses as captured on Schedule E?
Thank you.
