grandmabee Posted March 29, 2013 Report Share Posted March 29, 2013 Personal property rental income on line 21. client with full time other job rents out a truck to a business. they (renter) pays all expenses... fuel, insurance etc. My client is not in the business of renting trucks , or anything else. this is a temporay 1.5 years at the most. I am going to put on line 21 under ppr and expense of purchase of truck on line 36. rents received was 25,000 and truck cost 5,000. I was going to depreciation the truck and take all 5,000 but then that's only for business property. so any thoughts on the personal property rental income on line 21 Quote Link to comment Share on other sites More sharing options...
jainen Posted April 1, 2013 Report Share Posted April 1, 2013 >>expense of purchase of truck on line 36<< I don't think he can deduct acquisition costs on line 36. Insurance, license and legal fees, repairs--costs related to producing taxable income go there. Since it is not used in business, the only way to recover his basis is when sold. Quote Link to comment Share on other sites More sharing options...
ari Posted April 1, 2013 Report Share Posted April 1, 2013 if he rec'd 25k, that's alot of $$...isn't he in the business of renting out his truck - sch c? Quote Link to comment Share on other sites More sharing options...
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