Let's talk about self storage.

communities_1.jpg
 View Only
  • 1.  Schedule C or Schedule E for taxes?

    Posted 04-09-2021 10:30 AM
    Hello all, 

      We have a small storage facility 60 units that we bought back in october of 2020. These are concrete pad metal building units. (stationary). I have tried to research the requirements for claiming these on schedule C or schedule E. There is alot of conflicting information on the web. Our tax service see this as a gray area on which to file it on. We would be interested to know which form you use and the benefits of using that form? Bradley & Heather

    ------------------------------
    Heather Kelley
    BK Storage Solutions
    Chicota TX
    (903) 715-0167
    ------------------------------


  • 2.  RE: Schedule C or Schedule E for taxes?

    Posted 04-15-2021 04:28 PM
    Hi Heather.  Most individuals can report rental real estate income on Schedule E.  There can be exceptions for certain situations such as those involving short term rentals of 7 days or less or where substantial services are also provided.

    ------------------------------
    Lester Strait
    Grande Self Storage
    Grapevine TX
    (817) 481-5796
    ------------------------------



  • 3.  RE: Schedule C or Schedule E for taxes?

    Posted 04-15-2021 05:54 PM
    Thank you Lester



    ------------------------------
    Heather Kelley
    BK Storage Solutions
    Chicota TX
    (903) 715-0167
    ------------------------------