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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 Replies 12
Level 15

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

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)

IM SORRY I DIDNT GET YOUR RESPONSE 

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Level 15

Start here:

2020 Instructions for Schedule E (irs.gov)

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)
Level 15

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


ex-AllStar

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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Level 15

@conveniencebrokerage are you a tax professional? 


ex-AllStar
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♥¸¸.•*¨*•♫♪
Level 15
Level 15

@conveniencebrokerage  are you a tax professional?  


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

yes i am 

 

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Level 15

Please stick to one post.

Filing a return for a individual with rental prope... - Intuit Accountants Community

This week's special - free roadrunner dinner with every return (legal disclaimer - you catch it and we'll cook it)