Wow, I looked under the options on Ln 21 form 1040 and the only one for 1099misc is amt reported in box 3, other income. The TP says the income if from someone placing a sign in his front yard though the TP says he has no related expense. First off I would think part of his property taxes etc. but I dont think the TP wants to go that route so I am leaning toward sSch E with no expenes. Your thoughts?
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simply is other income, line 21.Originally posted by AZ-Tax View PostChEAr$,
Harlan Lunsford, EA n LA -
On Ln 21 "other income statement", Ln 17?
What risk does the TP have by reporting 1099-misc Rental box 1 on Sch E w/o exps vs. Line 21 income?Originally posted by ChEAr$ View PostComment
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Sch E
Sch E is the proper place for that income.
No expenses needed for that. probably none that qualify.
Very common occurance to only have income on the E.AJ, EAComment
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I don't think there is any risk either way. It's going to be treated the same in the long run with no expenses to deduct. Just another form to complete with E. Only other possible effect is on Sche E it would be combined with any other passive income and/or losses, or any pass throughs from Sche E, pg 2.Originally posted by AZ-Tax View PostComment
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