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RENTAL PROPERTY

I HAVE A QUICK QUESTION. What forms do i need to fill in proseries  if a person collect rents from property and does not work at all that is his only income thanks 

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12 Comments 12
IRonMaN
Level 15

Big Bird says today is brought to you by schedule E.


Ukraine - hang in there

IM SORRY I DIDNT GET YOUR RESPONSE 

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IRonMaN
Level 15

Start here:

2020 Instructions for Schedule E (irs.gov)


Ukraine - hang in there
George4Tacks
Level 15

What type of property? Construction equipment? Vehicles? ....


Here's wishing you many Happy Returns

its the insured personal home where he rents the bottom portion for rent no other income insured gets just that 

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Yes, Schedule E, and of course also 1040, and Schedule 1, and any state returns necessary. But your Schedule E is what you're looking for.

what i don't understand when i put his schedule e and put the expenses the person get 0 tax due not getting any money back is that normal or am i missing anything  thanks 

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George4Tacks
Level 15

@conveniencebrokerage are you a tax professional? 


Here's wishing you many Happy Returns
Just-Lisa-Now-
Level 15
Level 15

Why would they get money back? 

Your post is quite concerning if you hold yourself out to be a tax professional. 

Are you a new preparer?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Just-Lisa-Now-
Level 15
Level 15

@conveniencebrokerage  are you a tax professional?  


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

yes i am 

 

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IRonMaN
Level 15