How can I write off the purchase price of an RV trailer I purchased to rent out?

Forum|Forum|2 years ago
February 18, 2024
1 reply
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I purchased an RV trailer to rent out for revenue and want to maximize the deductions including the initial cost and improvements.

TurboTax Online

JamesG1

This IRS Tax Topic says to report income and expenses related to personal property rentals on Schedule C (Form 1040), if you are in the business of renting personal property.

In TurboTax Online Premium, you would report the income and expense under Federal and Wages & Income, then Self-Employment and Self-employment income and expenses.

Under Expenses, report the initial cost and improvements under Vehicle.

Generally, a rental activity is a passive activity even if you materially participated in the activity.

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