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Happy Easter everyone! Client could not use her time share in 2019 and was able to rent out 3 of her 14 days. She received a 1099 for the $645 of rent and had $190 in commissions and other expenses related to the rental . Since this was a one time event and she is not trying to make a profit I was thinking of putting the $455 net income on line 21 as other income, not subject to SE tax. Would this be proper treatment or should it go on a Sch E?

Thank you, y'all! I had no idea what I was getting into with this check issued. What a rat's nest. But, I'll get it unraveled. I have FIRST sent an email for client to forward to accountant. He just might have it, and he very well MAY have issued this information to client. God Bless y'all on this Easter Day and always!

Happy Easter to you too Patrick, And good tidings to all on this community..

I think it's the wages you report on Form 941 but NOT including wages you use for another benefit, such as PPP forgiveness. I don't think it kicks in until you're filing 2Q Forms 941, so we have lots of time to continue getting clarifications that are arriving almost daily. I'm sure you know as much as anyone else; but if you're unsure, you could find a good payroll company to work with your payroll clients. (I got rid of all my payroll clients to places like Paychex, so I don't have to learn the finer detail of this one!)

A 4868 filed by 15 July gives you three more months to 15 October.

Thanks for the link,. If anybody calls me, I'll just text to email the link to them.

Easy now. I resemble ...uh resent... that remark. Tom Modesto, CA

All of the years. Start from the beginning; it's cumulative. Not just the income side of it; deductions, 179, distributions, etc all factor in too, and all in a specific order. Here's a worksheet: http://www.thetaxbook.com/updates/TheTaxBook/Client Tax Tools/S_Corporation_Shareholders_Adjusted_Basis_Worksheet.pdf