by Ann Fairchild
(Myrtle Beach, SC)
The SE tax that we will be required to pay, will that be like 15% of the total amount rec'd for housing regardless of the monies spent on housing?
vickey's reply
You have to report the lesser of the following amounts on your SE schedule:
- The amount actually spent on eligible housing expenses.
- The fair market rental value plus furnishings and utilities.
- The amount officially designated in advance as housing allowance.
2Comments
Reporting Housing Allowance on Schedule SE
VVickey
Yes, Kris, you are correct.
Clarification
KKris
I always have put the whole amount of my housing allowance on schedule SE, line f.
I never spend the entire amount. Should I be putting the actual amount spent on that line and then claim the remaining as other income?
I never spend the entire amount. Should I be putting the actual amount spent on that line and then claim the remaining as other income?