295648
Where are Not-for-profit rental expenses entered so they appear on Schedule A's Other Itemized Deductions?
When entering them into "Other Deductions & Credits / Other Deductible Expenses", the entry doesn't appear on the "Sched A Other Itemized Deductions".
You'll need to sign in or create an account to connect with an expert.
"Not-for-profit Rental Expenses"
You can no longer claim any miscellaneous itemized deductions.
Miscellaneous itemized deductions are those deductions that would have
been subject to the 2%-of-adjusted-gross-income limitation. You can
still claim certain expenses as itemized deductions on Schedule A (Form
1040).
See https://www.irs.gov/publications/p535#en_US_2018_publink1000208647
You cannot report on Schedule E if you do not rent your property to make a profit. By reporting on Schedule E, it would be presumed that you intend (or intended) to make a profit. Further, your property would be subject to cost recovery (depreciation) whether that is of any benefit to you or not.
See https://www.irs.gov/publications/p527#en_US_2018_publink1000219164">https://www.irs.gov/publications...
I read that expenses are allowable up to the income. Are mortgage interest and taxes included in “expenses? Where do these expenses go? I have the income on Line 21. Thanks.
In the past, you were able to take expenses on Schedule A as a miscellaneous expense subject to a 2% of AGI deduction. That deduction was repealed with the tax reform.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
RE-Semi-pro
New Member
rebeccaspann2011
Level 1
erica4912
New Member
justine626
Level 1
tucow
Returning Member