I own the rights to the parking spot and am renting it back to the association for a construction project. Is it considered part of my home? Is it considered part of the property taxes I pay?
If you have limited deductions that relate to this income, you may report this as "Other Income" on your tax return.
Start in Federal Taxes >> Wages & Income >> 1099-MISC and Other Common Income >> Income From Form 1099-MISC. Click "Start" work through the interview.
After entering the info from the 1099-MISC, continue until you see the question about this being connected to your main job, and say "no." Check only the box for 201X income. Then answer that this was not an "intent to make a profit." Those three answers should classify this as "Other Income", which will appear on Line 21 on Form 1040.
If you wish to allocate a portion of your property taxes to this income, make another entry for Line 21 with a negative value. This will offset the income, and you will report only the net on Line 21.
If you have limited deductions that relate to this income, you may report this as "Other Income" on your tax return.
Start in Federal Taxes >> Wages & Income >> 1099-MISC and Other Common Income >> Income From Form 1099-MISC. Click "Start" work through the interview.
After entering the info from the 1099-MISC, continue until you see the question about this being connected to your main job, and say "no." Check only the box for 201X income. Then answer that this was not an "intent to make a profit." Those three answers should classify this as "Other Income", which will appear on Line 21 on Form 1040.
If you wish to allocate a portion of your property taxes to this income, make another entry for Line 21 with a negative value. This will offset the income, and you will report only the net on Line 21.
What if I didn't receive a 1099-MISC form...in fact I didn't receive any tax form for this