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Schedule "C"

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Joined: 04 Apr 2004
Posts: 2

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PostPosted: Sun Apr 04, 2004 6:42 am    Post subject: Schedule "C" Reply with quote

Ok Dumb Question Here.

We operate a Web/Retail Toy Store we file a Schedule C for it.
We also Have some Appartments above our Store. do I have to file a Second Scdedule "C" for the Appartment Income and Loss? or do I file it all on one?

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Joined: 01 Dec 2003
Posts: 377
Location: California
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PostPosted: Mon Apr 05, 2004 1:39 pm    Post subject: Reply with quote

You may want to consult a tax accountant on this one. Normally, all forms of business income for entities eligible to file a Schedule-C can be claimed on the same form. However, in your case, you have two sources of income derived from two physical locations. I don't know how you would go about calculating the percentage of square-footage for determining the portion of rent, utilities and the like to deduct.

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Joined: 11 Feb 2004
Posts: 152

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PostPosted: Thu Apr 08, 2004 12:54 am    Post subject: Use seperate form for real estate rental income Reply with quote

The advice to seek local help is good. There are many issues and questions that arise and can not be answered quiickly and simply in a forum.

I would report the RE income on schedule E which transfers to Line 17 page 1 1040. Any income reported on schedule C is subject to self employment tax which I suggest one avoids at all legal cost.

It is your call to reasonably allocate real estate expenses between the brick store and the brick rental. If you can rationally allocate more to the store it is to your benefit as that reduces the self employment taxable income.

The tax laws are enormously complex and should be radically simplified. The idiots we send to run our government are clueless about what the general public wants. Hope the earlier comments help with your taxes. Just have to make comments about our government when possible.
John Slenes
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