Level 2

Filing Schedule E (not Schedule C) on rental property in DC needs to file DC Business Franchise Tax Form D-30?

Forum|Forum|3 years ago
July 4, 2023
1 reply
14 views

We report the rental and its loss of a rental proeprty in DC on schedule E of 1040 (not schedule C as business income). Do we still need to file Business Franchies Tax Return Form D-30? If so, expenese on schedule E e.g. managemenrt fee, insurance, mortgage interest, property tax etc. can also be claimed as deductions on Form D-30?

Also, is balance sheet (shcedule I) mandatory since there is no balance sheet on federal 1040?

Thank you.

Andrew

This topic has been closed for replies.

rbynaker

Level 13

If annual gross receipts are $12K+ then a D-30 is required. I don't complete the balance sheet if there's no separate entity.

A

azklAuthor

Level 2

Thanks. So all the rental expenses e.g. mortgage interest, property taxes etc. can still be claimed as deductions on Form D-30? I looked at it and it seems that it does not allow those except depreciation but i make use of the expenses making it a rental loss on schedule E so if net profits are subjec to that 8% tax, it seems inconsistent and unfair result wtih the suspended PAL/none taxable inxome on schedule E on federal side...

sjrcpa

Level 15

Rental expenses are allowed on the D-30.

The more I know the more I don’t know.

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