I have my short term rental (stays less than 7 days), and I have been reporting it on schedule E for many years. I do everything to manage the property, including bookings, organize the cleaning, etc everything.
i understand that there is a STR loophole where I can claim it as a schedule C and any losses can be used against my W2 income.
in TurboTax how do I switch from having it on my schedule E to schedule C this year. What are the ramifications of doing this?
thanks!
