We built an RV pad that we rent out to visitors. I installed septic, water, and electricity (that added up to about $9,000). The RV pad we created cost just shy of $7,000 (tractor work, tree removal, gravel, and extra dirt).
We only had reservations that resulted in 14 days of use (longest reservation being 3 days) and $470.
We use the RV for ourselves as well, but I was wondering if...
- If we even have to report so little income?
- If so how do we also report the investment we put into it as well.
- We are also building a cottage with septic, electrical, water, gas. We will probably use the cottage for AirBNB/Virbo when my wife's parents aren't visting. That to will become a tax situation.
