ILLMAS Posted November 4, 2010 Report Share Posted November 4, 2010 TP is a musician as a hobby, he sings and plays at bars on talent night and owns a derisable guitar. So someone back in 2009 paid him some money to loan him the guitar on/off for a couple of months. He is not in the business of renting equipment but the opportunity came up, can the amount he recieved be reported on line 21 as other income? Quote Link to comment Share on other sites More sharing options...
Kea Posted November 4, 2010 Report Share Posted November 4, 2010 I would say "Yes." Quote Link to comment Share on other sites More sharing options...
TaxCPANY Posted November 5, 2010 Report Share Posted November 5, 2010 Following is one of the explanations on the Line 21 (1040) Other Income statement, which can be printed to accompany a return: "Income from the rental of personal property but were not in the business of renting such property". On the other hand, I report rentals of my video-business clients' equipment on Schedule E, as I learnt to do from more-experience hands; but I can't quickly offer a cite therefor. VTY, TaxCPANY TP is a musician as a hobby, he sings and plays at bars on talent night and owns a derisable guitar. So someone back in 2009 paid him some money to loan him the guitar on/off for a couple of months. He is not in the business of renting equipment but the opportunity came up, can the amount he recieved be reported on line 21 as other income? Quote Link to comment Share on other sites More sharing options...
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