Question

Horse Lease

Forum|Forum|3 years ago
March 27, 2023
1 reply
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I own a horse that my daughter rode and showed. She is a freshman at college this year, and the horse has been leased out. I believe that I have to report the net income that I received from this as hobby income on my tax return. Please confirm that this is correct.

I own a business, but it is completely unrelated to the equine industry, and I do not ride horses either.

PatriciaV

Employee

Yes, this may be considered the rental of personal property. This information is entered into TurboTax through the Less Common Income section of your return.

Go to Less Common Income > Miscellaneous Income, 1099-A, 1099-C, and click Start or Update.

Then scroll to Income from renting out personal property (not rental real estate or farm rentals) and click Start or Update to enter your information.

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