Question

I rented my trailer out on a couple of online platforms but they are not providing a 1099 until next year, how do I report properly?

Forum|Forum|4 years ago
February 24, 2022
1 reply
0 views

This is a my own trailer that I do not have an LLC for. Just filing under my name. I made about $3000 and have several expenses that can be listed.

TurboTax Self Employed Online

T

ThomasM125

You need to go to the Income and Expenses section, and then Less Common Income, then Miscellaneous Income, 1099-A, 1099-C. You will see an option for Income from renting out personal property that you can use to report your rental income.

@benlynch00

[edited 2/24/22 at 9:24 AM PST]

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B

benlynch00Author

That section is making is asking specifics about rental real estate. With this being a travel trailer, its more a piece of equipment or vehicle. Are you sure this is the right section?

A

AnnetteB6

Rental of personal property (not real estate) when you are not in the business of renting property is reported on Schedule 1 Line 8 with the associated expenses reported on Schedule 1 Line 24b.

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.

Be aware that you will only be allowed to claim expenses up to the amount of income you have received. This type of rental cannot generate a loss on your tax return.

But, if you are in the business of renting personal property, then your business income and expenses will be reported on Schedule C.

Where you report your income and expenses all depends on your profit motive and whether you intend to continue to rent your trailer with an intent to make money.

@benlynch00

[edited 2/24/2022 | 11:12 am PST]

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