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Deductions & credits
yes, the rent would have to be comparable to what an independent company in your area would charge. you have a personal reporting issue. rent of personal property would go on schedule c as would the vehicle expenses. net income would be subject to self-employment tax. if there are repeated annual losses that may pose a tax problem - the IRS could argue it's a hobby deny the losses and present you with a tax bill.
‎April 30, 2022
8:21 PM