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


    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

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