If you were issued a W-2 instead of a 1099-MISC, if the "statutory employee" box on that W-2 is checked, then it's self-employment income. If it's not checked, then its not self-employment income and you will need to have the issuer issue you a corrected W-2 with that box checked. Without that box checked on the W-2, you flat out do not qualify to claim "any" work related expenses at all. With the "statutory employee" box checked, you'll still enter the W-2 in the W-2 entry section of the program. But the program will transfer it to SCH C where you can claim your HO. ... View more

Borrowed money is not your money. It never was, is not now, and never will be. Therefore borrowed money is never reported on any tax return. Now a percentage of the interest will be a SCH E deduction, but not all of it. The interest paid on the outstanding balance of the original mortgage at the time you refinanced can be claimed as a SCH E deduction, and that's it basically.  Here's how this works.  - Took out loan in 2010 to purchase property. Put $20K down and the loan is for $80K.  - In 2020 you owed $50K on the loan and refinanced for $100K - meaning you "cashed out" $50K after paying off the remaining $50K balance on the original loan. You did *NOT* use any of the cash out money to improve the rental property. You can only claim 50% of the interest paid on the refinanced loan on the SCH E. That's because your loan balance before the refinance was $50K. So you can only claim the interest on half of the outstanding balance on the new loan, for the life of the loan so long as the property securing the loan remains rental property.   ... View more

I'm a W-2 employee but also building a new small business to help bring in more income due to the covid days. I know the extra work is 1099 so how do I show the 1099 income along with my W-2 on my tax return? That would be self-employment income. Assuming your business is a sole proprietorship or single member LLC, all business income and expenses gets reported on SCH C as a physical part of your personal 1040 tax return. Chances are that being self-employed your customers will ***NOT*** issue you ***ANY*** type of tax reporting document, as they may not be required to. So its up to you to keep detailed business records of all business income and all business expenses - every single penny. Then the IRS expects you to use those records to complete the SCH C on your personal 1040 tax return.   Also I make annual income from a brokerage account I have. Can I add that to my return as 1099 income? No. your investment income as absolutely nothing what-so-ever in any way, shape, form or fashion to do with any other type of income you receive. Any and all investment income you receive is reported in the investments section of your tax return. I highly recommend you seek professional help or at least talk to others in your area who are self-employed to educate yourself not only on the tax aspects of being self-employed, but the other legal aspects of that too; especially if your state taxes personal income. If you sell product you will probably also be dealing with sales tax, which has nothing to do with income taxes. In some states even services are subject to sales taxes. So get yourself educated on this *first* by seeking information from a professional in your locale, or others who are already self-employed in your local area. FYI - I have on many occasions seen where folks who did not educate themselves first, ending up going bust after their first year of business because of all the fines, penalties, late fees and back taxes they were assessed for not doing things right in that first year as required by law (both federal, state, and local laws). I have not yet seen any authority that was forgiving based on the excuse of "I didn't know". ... View more

Not having a mortgage changes nothing really. You will pay taxes on any gain realized from the sale. I would *HIGHLY* suggest you seek advice from a tax professional in your state - especially if your state taxes personal income.   ... View more