You would need to file a Schedule C to report your income from managing your friends RV. TurboTax Self-Employed will walk you through the steps of entering your income and expenses for this business income.
They would need to report this using Schedule E as investment income using TurboTax Premier. Yes, they will be able to deduct the maintenance and upgrade costs.
Whatever they spend, they will include on their return along with half of the gross proceeds.
You will report your half of the gross proceeds, then enter your expenses, if any as you walk through the self employed interview.
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