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

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?

San Francisco, CA -

Attorney Answers (1)

Antoinette Cara Liewen

Antoinette Cara Liewen

Real Estate Attorney - Camarillo, CA
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

Related Topics

Small business taxes

Small business taxes include state and federal income taxes and employment taxes, self-employment taxes, and excise taxes.

Featured Legal Guides

Small business income tax

Filing an income tax return is required for all businesses except partnerships, which file an information return instead.

Featured Legal Guides

Questions? An attorney can help.

Ask a Question
Free & anonymous.
Find a Lawyer
Free. No commitment.