Let me give a little background. I use turbotax premier and for years have used the rental/royalty section in income for rental houses.(schedule e) We acquired a recreational vehicle(motorhome) late last year and rented it 2 times for 3 days. Thats 6 days for a couple hundred dollars total.
As I go to add this new rental income it is like below.
Income- Rental Properties & Royalties- Add -Add another rental or royalty
- What are you here to report? Rental property (real estate rented to other) or Royalty (oil, gas, minerals, copyrights, patents)
If I go to rental property it is setting up for a property address, and type (single family, commercial, vacation, other, etc). Even if I select other it'll ask to calculate the cost basis based on the HUD settlement paper work, and set up to depreciate over 27.5 years.
The above doesn't seem accurate for the rv. (self powered drivable dwelling unit with no HUD paperwork)
I've never filled out self employment income on the schedule C because I never had any. If I go this route turbo tax requires me to update to business edition.
Is self employment income the way you describe?(schedule c)
