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Level 1
posted Jan 7, 2019 10:28:11 PM

Reporting rental income on 1120

Mr " X" formed C corp. The nature of business is Real Estate. The corporation buys, sells and rents houses. Currently it has 5 houses and all of them are rented. So the corp has $30000 from rent. My question is where (which line) to report it on 1120? If it is s corp, where (which line) to report the income on 1120s?
Thanks
Hasan Faisal

Sent from Yahoo Mail on Android

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1 Replies
Level 4
Jan 8, 2019 9:57:36 AM

Is this a real situation or a hypothetical?  You should know which type of corporation it is at this point.  If you're using tax preparation software like TurboTax, there should be a section on rental real property that figures out where the reporting goes.