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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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I am looking at a tax transcript from a borrower whose 1040

Customer Question

I am looking at a tax transcript from a borrower whose 1040 showed a Sch E for rental income but which had a $0 profit or loss. Should the tax transcript reflect a Sch E was filed? Or will it show no Sch E activity because the income/loss claimed was $0?
Submitted: 7 months ago.
Category: Tax
Expert:  Stephen G. replied 7 months ago.
Was this a vacation home that was rented and thus the loss was limited to the income?I'm not sure I understand your question.What does the taxpayer say about what was reported?

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