Condotel

[Lizzy48]

Hi, I own a condotel (own a condo unit that is rented out as a hotel, normal hotel room with short stays) in Chicago. They issued me a 1099-misc, box 7 only. TurboTax is putting it as self employment, not schedule k - is that correct? 

[M-MTax]

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@Lizzy48 wrote:

TurboTax is putting it as self employment, not schedule k - is that correct? 

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Yes, if significant services are being provided, such as maid service, concierge service, room service, et al.

If that's the case, then the rental income and expenses are reported on Schedule C. 

[Lizzy48]

If the company that’s 1099misc is providing those services, not me personally, still schedule c? 

[M-MTax]

Yes, because they're providing those services on your behalf.

However, you can deduct any and all management fees or commissions along with all other ordinary and necessary business expenses.

[Lizzy48]

Thank you! 

[Lizzy48]

Another question on this. Would the actual property be included on schedule k, for property tax write off, depreciation, mortgage interest, etc.? 

[M-MTax]

Schedule K? 

You can deduct those expenses on Schedule C, as business deductions.