topic Schedule C. Residential Real Estate asset in Deductions & credits

Schedule C. Residential Real Estate asset

golconda234 — Thu, 06 Jun 2019 15:52:39 GMT

Schedule C. Hi I'm adding a business asset consisting of a residential home purchased last year that I rent it to tenants via my LLC. After selecting "Real Estate Property" for the Asset Description, the next page describes (5) asset categories: Non-residential property, Retail, Restaurant, Leasehold Improvements, or Improvement Property. None seem to describe my asset. Which of these categories do I select for Residential Real Estate Property?

Residential real estate should be reported on a Schedule...

Anita01 — Thu, 06 Jun 2019 15:52:41 GMT

Residential real estate should be reported on a Schedule E, not a Schedule C. A single member LLC that did not choose to be taxed as a partnership or Sub S, is disregarded for personal tax purposes. A Schedule C would only be used if the property is rented short-term and includes personal services, in which case you would choose that it's a commercial property, such as a Bread and Breakfast..

Re: Residential real estate should be reported on a Schedule...

Yigelaotou — Tue, 25 Feb 2020 03:59:42 GMT

I have the similar question. My wife and I founded a LLC and bought a residential real property to rent. I prepare tax return on married jointly status, and just follow turbotax wizard, split every incom and expense to equal two then it lead me to same page, no correct category under asset type. How should I do? Thanks