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L
Linda7
Level 1
April 6, 2021
Question

On what form would you put rental of school buses

  • April 6, 2021
  • 2 replies
  • 14 views

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.

 

This topic has been closed for replies.

2 replies

J
jeffmcpa2010
Level 10
April 6, 2021

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
    PATAX
    Level 12
    April 6, 2021

    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...🤓👍

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