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Investors & landlords
Thanks for your reply. When entering my Schedule E Turbo Tax asks "Let's cover some uncommon situations" And it has an option to enter "This Business has wages." and it allows me to enter the W-2 wages $$$ paid for the property. When I click "learn more" this pops up:
"Qualified wages
There is a specific definition of wages that must be used when calculating this deduction. The full details are explained in IRS Notice 2018-64, but here is a brief summary.
All wages must be reported on a Form W-2 that has been properly filed with the IRS. Statutory wages (reported on Form W-2 with "statutory employee" checked in box 13) are not counted as wage for purpose of this deduction."
So I am just learning... and I think I can have employees for my rental properties? FYI... my employees are my 16 year old kids so I don't have to pay all the fees that typically go with having employees since they are under 18 and they are my kids. I already did W2's for them.