i asked this before, but if i had income for renting a business out (subleasing it), can i add this to schedule c line 1 instead of putting it on schedule e? thanks
Hi and welcome to Just Answer!Rental income generally is not reported on schedule C - it is reported on schedule E.Why do you want to report rental income on schedule C?
i guess because it was subleased out and it wasn't a property i owned.
What exactly did you subleased?
rental space that we were renting and then we subleased it. however, we had all of our displays and computers in there. it was a previous business we had. the person subleasing only had to bring in their inventory.
i paid for all of the bills and the subleaser just paid me a check for everything. their payment covered all of the expenses i was paying for them and then there was a few hundred dollars extra left over (profit). however, they didn't pay for any of the fixtures in there.
Based on your information - that is not self-employment income - but rental income. I would suggest to report on schedule E.
can i also use the extra left over each month as payment for fixture purchase from the subleaser and how would i put this in the Income Tax?
they ended up keeping the fixtures at the end anyways.
Do you mean the fixtures were sold or taken as part of payments?
as part of payments that they paid for each month to purchase.
So you need to report two issues (1) sale of the fixtures (2) rental income
i see. ok. great. thanks!
Taxes, Immigration, Labor Relations