schedule forms

A:You don't need to send any extra documentation with these forms. However, you should keep them with your tax records in case of an audit. Also, I'm assuming you're filing as a sole proprietor? Only sole proprietors can file Schedule C and SE, and only on their personal income tax return.

A:The mortgage deducted on schedule A is for your personal residence which is tax deductible whereas interest paid on investment property is not and will be shown as an expense on schedule E........schedule E is where you report other income not W-2 or 1099...e.g. rental income, passthrough business income and so forth...hope that helps!!!

A:Schedule E. If you sold it, Form 8582 or the Form 4797. If you sold for a profit and on an installment plan, Form 6252.

A:Please, go to a reputable accounting firm. I highly suggest you do not go to a tax-mill. It's like going to Quick-Check or 7/11. If you pay an accounting firm instead of a tax-prep mill, you will also receive the type of advise you can use in your situation. Believe me, I spend season after season cleaning up the mess the tax mills left behind. .... my apologies to anyone out there who works in a tax-mill, but the client's fiscal perpetuity should come first, that is what this particular person needs, and that is generally not the product you are selling.

A:Any profit on the sale of your timeshare is taxable. If you sell at a loss, the loss is normally not deductible. Profit on sale is treated as capital gain, subject to favorable tax rates if owned for more than one year. For gain purposes, your cost is generally your original cost, plus additions for the following items: (1) closing costs incurred when you purchased your timeshare, (2) the portion of your annual maintenance fee (for all years owned) allocated to capital reserves or used specifically for capital improvements (such as a new roof), and (3) any special assessments for capital improvement purposes which you paid. This amount should be reduced by any depreciation expense in years you rented the timeshare. If you (and/or relatives or friends) use the timeshare, exchange it or let it go unused, a loss on sale will be personal and not deductible, just as a loss on the sale of your home or your car would not be deductible. Even though your intent might be to hold it as an investment, your personal use results in no tax loss being allowed upon sale.