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gmjandgsj
New Member

Can real estate professionals report rental income on schedule c and so use the accelerated deprication afforded by sec.179 to other businesses?

 
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TaxGuyBill
Level 9

Can real estate professionals report rental income on schedule c and so use the accelerated deprication afforded by sec.179 to other businesses?

No.

Unless there are "services" provided to the tenants (such as maid service or meals), rental properties belong on Schedule E.

In most cases, even businesses on Schedule C can't use Section 179 for the actual real estate/building or improvements.

However, starting on 2018, Section 179 will be able to be used on other residential rental estate assets (appliances, carpet, etc.).  It still can not be used for the building itself (or improvements).

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1 Reply
TaxGuyBill
Level 9

Can real estate professionals report rental income on schedule c and so use the accelerated deprication afforded by sec.179 to other businesses?

No.

Unless there are "services" provided to the tenants (such as maid service or meals), rental properties belong on Schedule E.

In most cases, even businesses on Schedule C can't use Section 179 for the actual real estate/building or improvements.

However, starting on 2018, Section 179 will be able to be used on other residential rental estate assets (appliances, carpet, etc.).  It still can not be used for the building itself (or improvements).

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