I have a question regarding filing past due taxes for the year 2012, 2013, & 2014. I have a private property that I own and rent. I also have a business that I would like to report the income generated from this property on my business tax return. Can I report the rental income on my business tax return if I have a real estate license that is not currently registered with a Real Estate Broker, and the business is not a registered broker? =====>biz tax return?? You mean on regular Sch C of 1040 AND ON Sch SE ?? If yes, then You must be a real estate Professional who MUST file Sch C And SE NOT sch E of 1040.If not, then no you must file Sch E of 1040.you can check your status with the irs for more accurate info.
If not, what are the requirements for reporting the rental income on my business tax return? If unable to report on under business should it be filed on personal taxes?=>As said , you must report your rental income/expenses on SCh E of 1040 UNLESS you are a real estate pro.then the rental income reported on SCh E line 26 is transferred to 1040 line 17 as part of your gross income.
Also, Can this income be reported on my business tax return if the funds were not used to pay the mortgage due to loss of employment and unemployment in 2013?===>I donot think so.As mentioned above;aslongas your rental income is passive activity income, passive losses generally can offset only income from passive activities;passive income is Earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved.
Are there penalties for not reporting during the current years'?=>>aslongas you have taxable rental income, then yes; failing to report income from your rental property is a serious issue. While the IRS sends relatively few people to jail, the penalties that they levy add up very quickly, and their methods of collecting unpaid taxes and penalties can be crushing. Furthermore, landlords often have less taxable income than they may realize, making it particularly unwise not to report the rental income. You need to pay penalties and interest on your rental income tax liability that you do not report.
Can you provide the best resources available to assist with filing this tax return?====>>> Tax Topics - Topic 414 Rental Income and Expenses
Can you also, provide me with recommendations if you do not consider this the best filing solution?=>.As said above, you nneed to file Sch C or SCh E , depending on your situation if you are a real estate pro .