sometime in the recent past Drew Edmundson posted this:
- quote -


--
Wilson N44º39" W67º12"

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sometime in the recent past Drew Edmundson posted this:
- quote -

site has the 2007 Pub. 535 posted and I can't see how info on pg. 16 relates
to this.

--
Wilson N44º39" W67º12"

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Wed, 11 Mar 2009 22:11:48 EDT, Drew Edmundson
<drewsbeagles[at]hotmail.com> wrote:

- quote -

Oops, should be Pub. 525. Sorry.

Drew

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Wed, 11 Mar 2009 16:56:11 EDT, Harlan Lunsford
<lunstax[at]bellsouth.net> wrote:

- quote -

It isn't quite that simple. You have to determine if it is a
trade or business. Continuity is one factor and at $100,000
it seems it may very well be a business to report on
schedule C. More details are available in Pub 535 on page
16.

Drew Edmundson, CPA
Cary, NC
- quote -

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Wilson wrote:
- quote -

Since he is renting other truck as a regular activity, it's still
schedule c.

ChEAr$,
Harlan Lunsford, EA n LA

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

sometime in the recent past Drew Edmundson posted this:
- quote -

person's regular business is truck driving, but he rents out his other
truck. The rents run about $100K with about $50K in expenses. As I see it, I
would reference the 'PPR' on both ln. 21 & ln. 36.

If his regular business was renting tractor trailers, then I can see that it
should go to a Sch. C.

--
Wilson N44º39" W67º12"

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Sat, 7 Mar 2009 22:28:46 EST, Wilson <highledge[at]roadrunner.comwrote:

- quote -

You may also want to look at personal property rentals which are
reported on Form 1040, lines 21 and 36. Only the line 36 instructions
mention this.

--
Drew Edmundson, CPA
Cary, NC

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

sometime in the recent past Wilson posted this:
- quote -

suspicions.

This was, I'm sure, another case of taxpayers trying to avoid the 15+%
self-employment taxes. If the government really wanted to stimulate the
economy (since small businesses create most of the jobs in this country,)
then rolling back half the SE taxes would do it nicely. Certainly, it would
be more direct than merely reducing income tax at the upper end as at least
it goes directly to a business person in the trenches.

--
Wilson N44º39" W67º12"

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Wilson" <highledge[at]roadrunner.com> wrote in message
news:gov3le$ssd$1[at]news.motzarella.org...
- quote -

The rental of personal property (equipment) is a Schedule C activity.
Schedule E rentals are real estate, excepting hotels (where the average
stay is 7 days or less).

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Wilson wrote:
- quote -

Follow your pointers! (grin)
Yes, schedule e is for rental real estate and royalties. Equipment
rental goes to schedule c.

ChEAr$,
Harlan Lunsford, EA n LA

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I've got a situation where a person has filed in the past claiming the rent
he receives from a tractor trailer he rents to a company, on Sch. E. I can't
find any support for this as everything seems to point that the rent
receipts should be reported on a Sch. C/C-EZ.

Which is the right method?
TIA
--
Wilson N44º39" W67º12"

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >