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2 replies

ColeenD3
April 17, 2022

How is your business formed?

 

Is it a sole-proprietorship, a partnership, or a corporation? 

 

If it is a sole-proprietorship, follow these steps. If it is a formal business, you will need the business program.

 

Follow these steps to go to the Schedule C section of your return:

 

On the top right corner of TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner).

  1. Type in “schedule c” (or for CD/downloaded TurboTax, click Find).
  2. Click on “Jump to schedule c”.
  3. Click on the blue “Jump to schedule c” link
Carl11_2
Employee
April 17, 2022

@ColeenD3 just curious as to why you are assuming this is a SCH C business of any type, and not reported on SCH E. Rental income/expenses is normally reported on SCH E for real estate rental income. It may only be a parking spot. But unless specified otherwise (and I don't see that) it's still real estate.

 

ColeenD3
April 17, 2022

I read lot for spot.

 

. . . The term "rents from real property" does not include income from the operation of a hotel but does include rents derived from a lease of the hotel itself. Similarly, income derived from the operation of a parking lot is not considered "rents from real property."

 

B. RENTS FROM REAL PROPERTY - RENDERING OF SERVICES

 

Here is another link.

[Edited 4/14/2022|12:00 PM PST] 

@Carl11_2