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Business & farm
how were other residential rentals entered? if your business is a single member LLC or even a plain schedule C it's disregarded for income tax purposes so the reporting would be on schedule E. this is true even if you are a real estate professional whose business is buying and renting residential real estate. if the rentals are producing a loss, the loss cannot be used to reduce any income you have that is subject to self-employment taxes.
May 6, 2024
12:34 AM