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Unless I'm misunderstanding something, your prior method doesn't work, as you can't rent to yourself on the same tax return. Or are they filing separate tax returns?
At any rate, it seems like the Schedule C depreciated 37.5% of the cost of the building directly on Schedule C (not a Home Office).
Unless I'm misunderstanding something, your prior method doesn't work, as you can't rent to yourself on the same tax return. Or are they filing separate tax returns?
At any rate, it seems like the Schedule C depreciated 37.5% of the cost of the building directly on Schedule C (not a Home Office).
I looked into this years ago (but not as far back as 1987 ) and you couldn't *move* the income between spouses particularly with self employment tax involved. I'll see if I can find my research but it won't be by Monday.
You could never do this: "in past I would have her pay husband rent," when you Also told us this: "Bought commercial building with apartment jointly w/husband." for a Sched C business. Even filing separate returns, we've been told she is the Owner of the property.
Himself or herself is irrelevant on a joint return.
You converted SE income to rental income and that's is incorrect.
Amended returns need to be done.
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