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Level 1
posted Apr 29, 2021 3:07:19 PM

Schedule C

I have businesses that I received K1's for income i have entered on my personal taxes.  But personally I bought a building that I rent back to the businesses that are used for mental health counseling offices.  Do I deduct the depreciation and loan interest on a schedule C on my personal return?

 

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1 Replies
Level 12
Apr 29, 2021 3:45:41 PM

No.....if the businesses are separate from you like partnerships or S corps then you enter the rental income on SCH E as a rental BUT you are subject to the self rental rules if you materially participate in the businesses.

https://www.journalofaccountancy.com/issues/2000/sep/selfrentalincomeconsideredactive.html