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Why would my schedule E rental income be reported on schedule C by Turbo tax

Asked Feb 22, 2011, 05:10 PM — 3 Answers
Last year when I reported rental income from my condo Turbo Tax listed it on schedule E. This year it is putting it on Schedule C. ? Isn't Schedule C for businesses?

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MLSNC's Avatar
MLSNC Posts: 145, Reputation: 75
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#2

Feb 22, 2011, 08:07 PM
Is the condo a vacation rental where the average stay is 7 days or less? If so I do not believe it qualifies as residential rental and therefore is reported on Schedule C. That would be my best guess.
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Hoosier797's Avatar
Hoosier797 Posts: 3, Reputation: 10
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#3

Feb 23, 2011, 03:30 AM
Comment on MLSNC's post
Quote:
Originally Posted by MLSNC View Post
Is the condo a vacation rental where the average stay is 7 days or less? If so I do not believe it qualifies as residential rental and therefore is reported on Schedule C. That would be my best guess.
I took another job in a city about 100 miles away and stay there less than 7 days a year. He has full use of condo, except for master bed/bath.
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ScottGem's Avatar
ScottGem Posts: 58,108, Reputation: 28145
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#4

Feb 23, 2011, 03:41 AM


But since the condo is not your primary residence, you are running a business by renting it out. This is actually to your advantage as you can claim the costs of doing business on the Schedule C to offset the income.
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