View Full Version : Why would my schedule E rental income be reported on schedule C by Turbo tax
Hoosier797
Feb 22, 2011, 06:10 PM
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?
MLSNC
Feb 22, 2011, 09:07 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.
Hoosier797
Feb 23, 2011, 04:30 AM
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.
ScottGem
Feb 23, 2011, 04:41 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.