This is all great info, thank you for this. In 2023 rentals were not my main source of income. Here are my take aways from the conversation.
- I prefer to keep doing a Schedule E, and I am good with NOT doing meal expenses at all.
- I have 2 employees (my kids) they clean CAM areas (Comon area's in my budlings), yard work, other admin. It's still my understanding I can continue to do Schedule E.
Note, I do not do any services where my renters pay me. In 2024, my primary source of income may be my wife. If I keep things the same, can I continue to use Schedule E for 2024 tax year?
