Linda7
Level 1
04-06-2021
05:45 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My clients drive school buses, they own 4 buses. Two of the buses are rented out to private schools.
Which form would you claim the expenses and 1099-Misc on.
Labels
jeffmcpa2010
Level 11
04-06-2021
05:58 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
https://www.irs.gov/taxtopics/tc414
Personal Property Rentals
- Report income and expenses related to personal property rentals on Schedule C (Form 1040) PDF, if you're in the business of renting personal property.
PATAX
Level 15
04-06-2021
06:51 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
In my opinion Jeff is correct .... It is reported that way because partly based on what you implied, i.e. the rental is carried on regularly and continually, like a business subject to self-employment tax.. just the humble opinion of a nerd...🤓👍
