Solved: Should I calculate all of my income and losses from my personal home business & rental property if I take the standard deduction?
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Should I calculate all of my income and losses from my personal home business & rental property if I take the standard deduction?

 
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Level 15
Level 15

Should I calculate all of my income and losses from my personal home business & rental property if I take the standard deduction?

Yes, you should. Business income and expenses, and rental income and expenses, are not itemized deductions. They are completely separate from itemized deductions or the standard deduction. You can take the standard deduction, and still enter your income and expenses for business and rental property.

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Level 15
Level 15

Should I calculate all of my income and losses from my personal home business & rental property if I take the standard deduction?

Yes, you should. Business income and expenses, and rental income and expenses, are not itemized deductions. They are completely separate from itemized deductions or the standard deduction. You can take the standard deduction, and still enter your income and expenses for business and rental property.

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New Member

Should I calculate all of my income and losses from my personal home business & rental property if I take the standard deduction?

Yes, Business and Rental Incomes are considered income offset by the itemized expenses to provide a net profit or net loss to your ordinary income.  They are separated from itemized personal deductions.
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