You'll need to sign in or create an account to connect with an expert.
No, you need to file your rental income and expenses on Schedule E, not Schedule C.
Unless significant personal services are involved in the rental, Schedule C is not the appropriate place to report rental income and expenses.
To learn more, see the following TurboTax help article:
Should I report my rental on Schedule E or Schedule C?
does this mean i need to amend my return? I've already filed it. Turbotax autogenerated Schedule C...
Yes, you will need to Amend Your Return. When you do, you will delete the 1099-Misc that you entered, then go to the rental section of TurboTax. When you add your income, you will be able to enter the 1099-Misc and report it as rental income instead of self-employment income. If your 1099-Misc was taxed as Self-employment income, this will likely result in a refund as you would not be subject to Self-Employment taxes which are 15.3% of your profit.
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.
dcrago
New Member
san50
Level 1
planet_erg
New Member
lunacypr
New Member
Tax2019Pay
Level 6