irhadk
New Member

Is equipment rental considered a passive activity?

My wife and I have a trailer rental company. The company is registered as LLC and we are 50/50 partners. The trailers are rented out to my trucking company which is single member LLC. There is not really much work involved and we virtually spend no time running the rental business. Is this considered a passive activity and if it is where do we put it in the turbo tax business and what are repercussions tax wise? Thank you