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Self employed
So to clarify, you set up a single member LLC which you are reporting on the Sch C, is this the rental business you are setting up on the Sch C or it is some other business that you are setting up? It depends
If you are a real estate professional in which case you must meet both of these criteria
* More than half of the personal services you perform in all trades or businesses during the tax year are performed in real property trades or businesses in which you materially participate.
*You perform more than 750 hours of services during the tax year in real property trades or businesses in which you
materially participate.”
then you would report all your income and expenses relating to the realty business, on that Sch C including the rented car and lyft expenses as long as it pertained to the business as well as taking the 179 vehicle deduction and the home office deduction as well. All on that Sch C.
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