Case Study Of Ramon's Is A Taxpayer
Chapter 8
33. "Generally, if the taxpayer is a real estate professional and materially participates in a real property trade or business, then the rental activity should be reported on Schedule C. A taxpayer materially participates in an activity if he or she works on a regular, continuous, and substantial basis in the operation of the rental." (Cruz, 2015)
Ramon's is a tax attorney and he not in the trade or business of renting real estate because it's only treated as rental property.
34. Description Personal Schedule A Schedule E Income $9,000 Mortgage. $3,750 $3,750 Interest
33. "Generally, if the taxpayer is a real estate professional and materially participates in a real property trade or business, then the rental activity should be reported on Schedule C. A taxpayer materially participates in an activity if he or she works on a regular, continuous, and substantial basis in the operation of the rental." (Cruz, 2015)
Ramon's is a tax attorney and he not in the trade or business of renting real estate because it's only treated as rental property.
34. Description Personal Schedule A Schedule E Income $9,000 Mortgage. $3,750 $3,750 Interest