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?
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?
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.
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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