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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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As a prof. realtor may I use sch C for rent property or sch

This answer was rated:

As a prof. realtor may I use sch C for rent property or sch E ?

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

I'm sorry but your requested professional is not online.

Megan C :

You may not use schedule C for your rentals - you would use schedule E

Megan C :

Even though you are a professional realtor

Megan C :

You should look to Tax Topic 414 for more details: http://www.irs.gov/taxtopics/tc414.html

Megan C :

The only time schedule C is used for rentals is when you provide substantial services that are for your tenants convenience

Customer:

But I think if I use sch C for renting and I have a loss for it , I will have less self-empl. tax. But If I use sch E , it's not connected with my self-empl.tax. Am I right?

Megan C :

You are correct, but it is incorrect to use Schedule C for rental activity, and if you do the IRS will come back and recategorize your losses and you will have back taxes.

Customer:

Ok Thank you

Megan C :

You're welcome. Is there anything else I can assist you with today?

Customer:

no for now

Megan C and other Tax Specialists are ready to help you
Thanks, Galina for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.
Customer: replied 3 years ago.


Hello,


I rated you a week ago. What's I have to do more?

There's nothing else to do. You've done everything correct!

Have a great day, Galina

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