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Do you rent out a vacation home?
If you do, when it comes tax planning you have to make a choice.
Should you plan to use Schedule C or Schedule E
to claim your income and expenses?
“It all depends.“
- Schedule C is the smart choice if you show a tax-loss on your rental property. Schedule C lets you deduct your rental losses against all other income.
- Schedule E is the smart choice if you show taxable income on a transient rental. That’s because you don’t pay any self-employment taxes on Schedule E income.
To make the Schedule you want happen, you need to look at services.
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“What’s the best choice for
Vacation-Home Rental? Schedule C or E?”