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Investors & landlords
Thank you, Coleen. Since I posted the question I found the information about providing a service so I'll stick with Sch E. I also read that the time we spent there working on the property doesn't count as personal time (we can easily prove the huge amount of work we did).
My last question is about what you said in your response. "You will have to indicate that this is a multi-family/multi-unit, at least for 2020, so you can segregate your personal expenses from the business portion."
I understand about applying a percentage so that I'm not deducting expenses for our personal residence on the Sch E, but I didn't see a place to indicate that this is a multi-unit property. Do you know how?
Thanks again,
Maria Gonzalez
‎February 20, 2021
4:34 PM