I am new to business taxes. I've dealt with Sch E in the past, but this is very different.
1. In December, 2019, we bought a property in Puerto Rico with 5 short term rental units on it.
2. We rented one unit for 1 week in March of 2020 and then went into Covid shutdown.
3. We have been using the time to remodel (it was in rough shape when we bought it) all the units and bring everything up to code so we've spent around 35k in repairs, remodeling, utilties, travel expenses, etc for 2020.
4. It is not our primary residence, but 1 of the units is for our personal use. We "lived" there from March 2020 to August 2020 because we went into lockdown while we were there making decisions on my teaching spring break. We were able to work remotely from the property (new car sales and teaching) while we actively worked on the property.
My assumption is that we need to file Schedule C because this is not passive rental income and we treat this as a business. We have a website, business cards, etc. However, I must have done something wrong because Turbo Tax has a Sch E for me.
Thanks in advance for any guidance.
Maria Gonzalez
