what are tax expenses of renting out 3 rooms in my apartment (reporting, business)

[old_cold]

Notice...you cannot miss the April 15th date for paying what you owe, only for filing the forms.
An estimated...if you don't know for sure what it will be....payment goes in with the extension request.(or by the 15th)

[ohhboy]

if the furniture were used to begin with they pobably didnt have much deprciation in them anyways.

[michellesouthwell]

if the furniture were used to begin with they pobably didnt have much deprciation in them anyways.

Schedule C: would I depreciate the beds in part v 'other expenses'

I think it would be easier to just write 'furniture'

[ohhboy]

do what feels right!



pillows cases are different from beds so dont lump them together. i think you might be thrown in prison if you depreciate pillow cases over 7 or more years.......lol.

[Petunia 100]

Schedule E is what you use to report rental income and expenses. The maximum is whatever you actually spent. You need to depreciate the furniture, not write it off in one year.

[Petunia 100]

Depreciation is reported on line 18.

[Lowexpectations]

Could you just post all your related topics in one thread instead of starting 3?

[michellesouthwell]

Schedule E is what you use to report rental income and expenses.

But I was told to use schedule c because I have an active role in the business (changing bedsheets and serving breakfast)

The maximum is whatever you actually spent. You need to depreciate the furniture, not write it off in one year.

If I write off all the furniture in one year am I likely to get audited?
I do not know how long my landlord will let me sublease to other renters.

[michellesouthwell]

depreciate pillow cases over 7 or more years

This business may disappear tomorrow (if my landlord finds out about subleasing). I would like to chose one year. Am I more likely to get audited if I chose 1 year.

[michellesouthwell]

Depreciation is reported on line 18.

Line 18 is so small.
There are bed sheets, bed frame, mattress, pillows, tables, cups, food.
Food should be 1 year depreciated.