Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- Rental property purchased under a business that files a Schedule C. Does this get put on a Sch E or Sch C
Rental property purchased under a business that files a Schedule C. Does this get put on a Sch E or Sch C
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
PJC
Level 1
03-11-2022
11:05 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Client started a business for property investing. After taking expenses on past tax returns, she now purchased a rental home she found. The 1099misc for rental income has the businesses name but her social security number on it. Not sure whether to put this on a Schedule C or an E.
Labels
2 Comments 2
sjrcpa
Level 15
03-11-2022
11:36 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Rental income goes on Sch E.
The more I know, the more I don't know.
qbteachmt
Level 15
03-11-2022
12:01 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"The 1099misc for rental income"
The Services she provides would be the Sched C, but the property is personal investment. Realize the Sched C is a disregarded entity, so there is not really a "business" for investing. There is only a business if she provides Services for the property, such as running a B&B.
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
