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Schedule A Itemized Deductions
Schedule C  Business Income and Expenses
schedule E Rental Income
FORM 8829: BUSINESS USE OF HOME 2006
RETIREMENT
GENERAL INFORMATION
 
 


Probably the most advantageous tax treatment of Sch. E income is no self-employment taxes because this income is considered “investment” income saving the taxpayer 15.2% in taxes.

DEDUCTIBLE EXPENSES:
            Advertising
            Auto and Travel expense
            Cleaning and maintenance
            Commissions
            Insurance
            Legal and professional fees
            Management fees
            Mortgage interest (with restrictions)
            Other interest
            Repairs
            Supplies
            Taxes
            Utilities
            Depreciation
You need to list the type and address of property and there are limits on the deduction if you use the property for personal use.

Also, see SCH C information and FORM 2106 for additional specific information

  
©Steven E. Burns, 2003-2013                          information from IRS Publications


 
 
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