New client. In 2010 filed Sch C EZ which I dont believe allows form 8829. Also Sch E for listing 1 rental. On the report it list as assets "Rental home" with a $150K (net of land) COST with NO amt in the "land" column. Not exactly the way I would have done it. Date place in service are the same, 41% bus use. Now on the next line is says "residential" with a $154K (net of land) Cost with once again NO amt in the "land" column" says 100% bus use. Both with 27.5 yr SL/MM, No prior & a different amts for each asset under "current depreication" column. Those are the only assets on the report. Now looking at form 4562 part III h, both lines are filled and column G has a different amt on each line the same as on the report the total of column G matches the total current depreciation on the report and line 21 on Sch E. Almost sounds like they had 2 rentals in 2010 but that is not the case. What am I missing for I stopped drinking coffee.
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Could the rental be a duplex that he is listing separately? Or a house and garage apartment?
You will probably need to talk to him and ask him exactly what he is renting. Also clarify land values and house values.
Linda, EA -
Why was a Sch C filed? Sch C is for personal property rented not for real property. Perhaps one item being rented is not a dwelling but equipment of a sort.Believe nothing you have not personally researched and verified.Comment
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Sch C EZ is for SE business
The Sch C EZ is for a self employed business TP has in addition to rental.Originally posted by taxea View PostComment
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