How Form 4797 Expenditures 2022-2023

Instructions and Help about How Form 4797 Expenditures

Heather you're watching aardvark tax TV I'm Sean kenefick I'm an enrolled agent and customer service representative here at aardvark tax this video is part of a continuing education course available on our website at wowt.com today we're going to be talking about rental income and expenses and what forms you might use to do that in fact you can put it on three forms the most obvious choice is Schedule E that's where you put any passive income such as rental property but if you are in the business of renting property such as being a real estate agent or perhaps a property management company then you're gonna use different forms maybe Schedule C if you are a sole proprietor or maybe the 1120 if you're a corporation thirdly if you've chosen not to rent your property for profit meaning that you're not renting it at fair market value then you cannot use the Schedule E either in fact then you would put your gross income from the rental on your 1040 and you'd put your deductions on schedule a we're gonna be talking about Schedule C and not-for-profit rentals in other videos so today we're just going to concentrate on Schedule E each Schedule E form allows you to put up to three properties income and expenses on it and they're listed as a B and C if you have more than three properties that you use for rental purposes then you're going to use more than one Schedule E once you've listed the property you'll also talk about in the amount of time it was used for rental versus personal use we're gonna be talking about rental versus personal use in a different video so for now we're just gonna concentrate on full-time rentals next we're gonna...