@DianeW777 Thank you for the information. It is a 5-year depreciable asset/equipment located in Oklahoma. I live in Ohio. It is not a business at all, but I receive quarterly payments for rental. I simply own the equipment and all expenses, taxes, maintenance, insurance, upkeep is taken care of by the person renting it. It is completely passive for me. I am not involved other than receiving the quarterly rent payments. Are you saying that I am not able to depreciate the 5-year asset unless I am in the business of renting equipment? Line 24b of Schedule 1 allows for deductions for expenses related to rental of personal property that is engaged in for profit that's not a business. I assume depreciation would go there.
