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Schedule E

cyseitz

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Trying to wrap up taxes on my rentals. If I own at one resort and rented out at another how do I document it? Can I just put Wyndham vacation resorts as the property I own? Help! I need direction on how to fill it out.
 

ronparise

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I had this same conversation with another tugger this past week. We decided schedule E was not right for our needs. we went straight to schedule C

on the top of chedule E it says that if your business is renting personal property then Schedule C is for you
 

bnoble

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Schedule E is fine if you are just renting casually (I have used it in the past for the two or three rentals I've done in seven years of owning.) If it is anything approaching a business, you want Schedule C.

I can't help you with how, though; I use TurboTax.
 

cyseitz

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He used schedule E, but we will do more research for next year. He insists that Schedule C is for rental property other than housing and that it is
for property such as lawn mowers or boats and such.
 

ronparise

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He used schedule E, but we will do more research for next year. He insists that Schedule C is for rental property other than housing and that it is
for property such as lawn mowers or boats and such.

The problem with schedule e is that it wants a separate form for each rental property. With my points often the reservation is made at one resort with points from another. How ya gonna enter that? Add to that the fact that club Wyndham access and world mark are not deeded. Schedule e is clearly not right for them

So I simplify things on schedule c. Line 1 is gross receipts line 21 is mf. I subtract one from the other and move the result to my 1040
I also add a note to explain what I've done
Is this the right way? Maybe not but it accurately reports my income and expenses to the irs. I think thats all they really want
 
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SmithOp

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Schedule C is correct Ron, you have a small business. Report gross receipts and expenses, don't forget other deductible expenses like advertising and office equipment, there is also an easy way to report home office by sq footage this year. Review IRS pub for Schedule C for full list.
 

cyseitz

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The problem with schedule e is that it wats a separate form for each rental property with my points often the reservation is made at one resort with points from another. How ya gonna enter that add to that the fact that club Wyndham access and world mark are not deeded schedule e is clearly not right for them

So I simplify things on schedule c. Line 1 is gross receipts line 21 is mf. I subtract one from the other and move the result to my 1040
I also add a note to explain what I've done
Is this the right way? Maybe not but it accurately reports my income and expensed a to the irs

Well, Yeah, we couldn't figure it out at first but he ended up filling it all out.. There was space for three so we had room to fit what we needed. Can you let me know how it works out for you. If it does, we will use it next year because it is complicated to list all of those figures. I did find on some websites where it does say that schedule is for rental of vacation property. So, that is correct. The forms and directions are hard to decipher sometimes.
 

ronparise

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Schedule C is correct Ron, you have a small business. Report gross receipts and expenses, don't forget other deductible expenses like advertising and office equipment, there is also an easy way to report home office by sq footage this year. Review IRS pub for Schedule C for full list.

and the phone and the and the internet connection and my tug and redweek membership and my membership in the Florida Timeshare owners group etc etc

My rental business isactually pretty simple (getting big, but still simple) and It piggy backs on my realestate business

My real job is as a real estate agent where Im organized as a P.A. and S corp.
Ive been doing the home office deduction with a whole host of advertising and office equipment and supplies and automobile deductions for a long time. Ive always done the home office as 1 room in a 6 room house, or 16%. I was audited once over 30 years ago. They accepted it then, so I kept doing it

Maybe my real estate sales business should charge my vacation rental business rent. I do have two desks in here.
 
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