AardvarkBusiness.net - Business Search Engine AardvarkBusiness.net - Business Search Engine



 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister   ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

     

Schedule "C"

 
 
Post new topic   Reply to topic    AardvarkBusiness.net Forum Index -> Accountancy & Finance Forum
View previous topic :: View next topic  
Author Message
Superdairyboy
Temp


Joined: 04 Apr 2004
Posts: 2

5 ants

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?


Dairyboy
_________________
www.superdairyboy.com
Toys and Extreme Sports
Back to top
View user's profile Send private message
TWI
Vice President
Vice President


Joined: 01 Dec 2003
Posts: 377
Location: California
438 ants

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.

-Bob
_________________
The Whole Internet, LLC
Handicapped accessible Web design & Quality PHP hosting
Back to top
View user's profile Send private message Visit poster's website
jfslenes
Executive
Executive


Joined: 11 Feb 2004
Posts: 152

193 ants

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
Visit Indian Hills Inn, Taos!
Indian Hills Inn, Taos Plaza
Back to top
View user's profile Send private message Send e-mail
Display posts from previous:   
Post new topic   Reply to topic    AardvarkBusiness.net Forum Index -> Accountancy & Finance Forum All times are GMT + 1 Hour
Page 1 of 1

 
Google
 
Business Forum Sport Forum Travel Forum


Powered by php B B © 2001, 2002 php B B Group

AardvarkBusiness.net Business Search Engine & Directory