I am preparing tax returns for 2012. I lent money on real estate for interest income, and made allot of loans. I assumed this

Asked over 1 year ago - San Francisco, CA

income would be reported on my Schedule B, interest income, but I think that the schedule is reserved for portfolio / passive income. I actively lend money, send bills, foreclose sometimes on property, and incur bad debt. Shouldnt this "operation" be reported on Schedule C, or some other form of operation?

Attorney answers (1)

  1. Antoinette Cara Liewen

    Contributor Level 15

    3

    Lawyers agree

    Answered . This question should be answered by your CPA or tax preparer.

    DISCLAIMER: This answer is provided solely for informational purposes only. This answer does not constitute legal... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

24,840 answers this week

2,942 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

24,840 answers this week

2,942 attorneys answering