topic How do I enter $6000.00 0n my return when it is barter for rent? in Investors & landlords

How do I enter $6000.00 0n my return when it is barter for rent?

2758z — Thu, 02 Apr 2020 12:23:56 GMT

This is the only income I've got this past year.

Re: How do I enter $6000.00 0n my return when it is barter for rent?

HelenC12 — Thu, 02 Apr 2020 12:44:43 GMT

Generally, bartering income is entered as self-employment (business) income. You're able to deduct any expenses you incurred in earning bartering income.

You may be able to use the IRS Free File delivered by TurboTax website.

It's geared towards lower-income filers, regardless of tax return complexity, and is only offered through the IRS Free File Alliance (FFA) program. No upgrades are available.

We'll automatically complete Schedule C or C-EZ when you set up your self-employment work in TurboTax or when you enter what the IRS considers self-employment income.

To set up your business and enter your bartering income:

Open or continue your return.
Search for schedule c and select the Jump to link in the search results.
Answer Yes to Did you have any self-employment income or expenses? and follow the instructions.
1. If you've already entered self-employment work and need to enter more, select Add another line of work.

Source: TurboTax FAQ

Re: How do I enter $6000.00 0n my return when it is barter for rent?

Carl — Thu, 02 Apr 2020 13:46:15 GMT

Rent for what? A vehicle? Your residence? A peice of equipment you paid rent for so you can use it for something? (For example, you rented a pressure washer)

If it's rent you paid for your residence, 2nd home, vacation home, you enter it nowhere on the federal return. It's not deductible.

If it's rent you collected for real estate that you own, then you enter it as rental income on SCH E as a part of your personal 1040 tax return.

If it's rent you collected for a vehicle or equipment that you own, then it gets entered on SCH C as a part of your 1040 tax return.