Schedule C-ez Form

Schedule C-ez Form: What You Should Know

You may claim this credit on line 23 if your rental loss is more than 10,000. 2. Net income from your rental business. Line 21a includes all income you have (including interest income and dividend income) from rental activity in your previous year. Line 21b includes all income you have (including interest income and dividend income) from rental activity for the current year. Line 21c includes all income from rental activity for the two prior years. If there are 2 or more qualifying rental losses in any 12-month period, subtract line 21b from line 21c. If there are 2 or more qualifying rental losses in any 12-month period and your net income from your rental business falls on or below the exemption amount, or your net income from your rental business is more than 10,000 but not more than 50,000, subtract lines 14a and 14b from line 21b. If there are 2 or more qualifying rental losses in any 12-month period, no net income from your rental business is eligible for the income exclusion. You are considered to have claimed your deduction for the income exclusion. This deduction will reduce your allowable deduction for line 31. If you are entitled to a deduction for the rental loss and the full amount of your deduction for the rental loss exceeds the exemption amount, you may claim a credit for the entire amount on Form 1040, line 31b. If you file Form 1040, line 31b must be entered as “1.1 + the amount of the rental loss” or “2.0.” 3. Income from your rental business. Enter the income from rental activity on line 11 if you are a sole proprietor (or other person filing as member of partnership), or line 11 if you are a partner in a partnership. 2011 Schedule C: Income. Instructions begin on page 23. Enter income from your rental business on IRS line 12. Enter line 11 if you are a partnership, or line 11 if you are a sole proprietor. 2011 Schedule C: Other deductions. Instructions begin on page 25. Enter other deductions in boxes 6B, 7A, or 9 for each year. For 2012, a total of 9,000. 2011 Schedule C: Miscellaneous. Instructions begin on page 26. Enter on line 13 deductions for all other amounts reported in box 3 or 4. Do not list deductions for Form W-2.

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