RE: [taxchat] rental income prior to converting to home care facility/ additional question

After she purchased the home, the previous owners had to rent it back for several months before they could move out.

 

I have put the amount on E, but I am still not 100% sure that is the correct way to do it.

 

It was a onetime thing.

 

Cris

 

From: taxchat@yahoogroups.com [mailto:taxchat@yahoogroups.com] On Behalf Of Arnold M. Socol
Sent: Wednesday, October 01, 2008 12:04 PM
To: taxchat@yahoogroups.com
Subject: Re: [taxchat] rental income prior to converting to home care facility/ additional question

 

Cris,

 

What business are they in?  If rental, then its Sch E, not C and the LLC would be best since you can not use S-Corp for passive income.

 

----- Original Message -----

From: Cris Kelly

To: taxchat@yahoogroups.com

Sent: 10/01/2008 2:53 PM

Subject: RE: [taxchat] rental income prior to converting to home care facility/ additional question

 

Additional question –

Or could I put the income amount on a Schedule E?

Thanks,

cris

From: taxchat@yahoogroups.com [mailto:taxchat@yahoogroups.com] On Behalf Of Cris Kelly
Sent: Wednesday, October 01, 2008 11:48 AM
To: taxchat@yahoogroups.com
Subject: [taxchat] rental income prior to converting to home care facility

This question is the for the same client that I asked about earlier combining the two homes under 1 C.

Apparently on the house she bought in 07, she received rent from the prior owners before she converted the home into her new residential business.

I would like to list this amount as ordinary income not on her Schedule C (SE tax), but I think that I need to put it on the schedule C. 

Can anyone let me know what they think?

Thanks for the help

Cris

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