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Investors & landlords
I just ran into the same problem in Turbo Tax H&B 2014 and am still pretty confused about how to proceed. I have a 10-year lease on an office building out of which I have run a small law practice for the last several years. In January of 2014 I decided to SUBLET a couple of my extra offices to another attorney as I had plenty of space. Neither of us are in the real estate business. I realize that I need to claim the income on Schedule E, but Turbo Tax 2014 does not seem to offer a choice for this type of situation. In that case should I answer the question as if I am the 100% owner of the building? I think that was what the original question was. Additionally, re: the rent that I myself pay to the landlord, the building utilities, etc - prior to 2014, I was able to fully deduct those expenses on my Schedule C already... as I had the building to myself. Can I just continue to do THAT, or do I have to try to split them among the two income sources now? Any guidance would be greatly appreciated! Thank you
‎June 7, 2019
2:58 PM