Had a good session in a September seminar about the new Schedule E format which forces the designation of several types of rental property at the top. The change in the form was promulgated by the IRS, looking for revenue.
One of these choices is "Self-Rental." If you check this thing, watch out. Reporting the rental operations and the disposals are entirely different than the other categories.
The discussion would be long to explain the differences, but as fellow preparers, beware.
1. Learn what situations require the designation of "self-rental."
2. Reporting of operations may be different.
3. Disposals may be reported differently.
I was, of course, sitting there dumbfounded at all the changes.
One of these choices is "Self-Rental." If you check this thing, watch out. Reporting the rental operations and the disposals are entirely different than the other categories.
The discussion would be long to explain the differences, but as fellow preparers, beware.
1. Learn what situations require the designation of "self-rental."
2. Reporting of operations may be different.
3. Disposals may be reported differently.
I was, of course, sitting there dumbfounded at all the changes.
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