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Business & farm
You have been very helpful. One boat was sold in 2021. That was clearly a passive activity and we never claimed a loss on it on our returns although with depreciation there was a loss. The new boat is actively managed and we are being careful to keep the average charter at or below 7 days. And, I think our payment of a turnaround fee to clean and service the boat and change the sheets and towels after each charter could qualify as providing significant personal services which raises the allowable average rental term to 30 days.
I think the reason I was confused is the TT Business interview, not the forms, path only speaks of rentals in terms of real estate and not personal property. Thanks for pointing me to the right forms.
‎February 2, 2022
9:56 AM