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Should I calculate all of my income and losses from my personal home business & rental property if I take the standard deduction?

Forum|Forum|7 years ago
June 3, 2019
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Best answer by rjs

Yes, you should. Business income and expenses, and rental income and expenses, are not itemized deductions. They are completely separate from itemized deductions or the standard deduction. You can take the standard deduction, and still enter your income and expenses for business and rental property.

rjsAnswer

Employee

Yes, you should. Business income and expenses, and rental income and expenses, are not itemized deductions. They are completely separate from itemized deductions or the standard deduction. You can take the standard deduction, and still enter your income and expenses for business and rental property.

Q

quickstepwong

Yes, Business and Rental Incomes are considered income offset by the itemized expenses to provide a net profit or net loss to your ordinary income. They are separated from itemized personal deductions.