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Investors & landlords
Well Turbo tax has it wrong then.
1) According to the IRS: "Generally, Schedule C is used when you provide substantial services [i.e. hotel like services] in conjunction with the property or the rental is part of a trade or business as a real estate dealer."
2) Generally, unless you meet the qualifications to be considered a real estate professional, your rentalincome is passive and should be reported onto a Schedule E. If you meet the qualifications to be considered a real estate professional, your rental income is not considered to be passive, and can be reported onto a Schedule C.
‎December 14, 2022
8:29 AM