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Did I need to fill out 2018 schedule c? I have rental income and am a wine tour guide and property manager

 
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3 Replies

Did I need to fill out 2018 schedule c? I have rental income and am a wine tour guide and property manager

If you have Self employed income from working ( not rental income that is reported on the Sch E) then you do need to file a Sch C.  

 

 

If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income.  So you need to keep your own good records. Here is some reading material……

IRS information on Self Employment….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employed-Individuals-Tax-Center 

Publication 334, Tax Guide for Small Business
http://www.irs.gov/pub/irs-pdf/p334.pdf 

Publication 535 Business Expenses
http://www.irs.gov/pub/irs-pdf/p535.pdf 

https://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Beginner-s-Tax-Guide-for-the-Se... 

https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-an... 




Carl
Level 15

Did I need to fill out 2018 schedule c? I have rental income and am a wine tour guide and property manager

I have rental income

If you own rental property, then all rental income and all rental expenses pertaining to the property that you own is reported on SCH E as a part of your personal 1040 tax return.

and am a wine tour guide

My wild guess on that  is, that's your W-2 Job. If you are self-employed as a wine tour guide that income for that specific business as well as expenses related to that specific business are reported on SCH C.

and property manager

Assuming you are not a W-2 employee of a property management company, if you are paid by other property owners to manage property that you do not own, then you are self-employed as a property manager. All income and expenses related to your property management business will be reported on SCH C and it will be a physically separate SCH C from the wine tour guide business.

So basically, you have two businesses that you are the owner of, and each business will report their own income and their own expenses on a physicall separate SCH C for each business, which gets filed with your personal 1040 tax return. It does not matter if you are married and filing a joint return with your spouse either.

 

Carl
Level 15

Did I need to fill out 2018 schedule c? I have rental income and am a wine tour guide and property manager

I also note that you said this was for 2018 (twenty eighteen). Was that a typo and you meant 2019 maybe?

 

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