So would it be fair to say in this arrangement I would be in the business of renting personal property? It would be a significant expense, and I would virtually never use the item for personal use as it would be leased or rented to a friend. So it would be inaccurate in fact to call it personal property as it would have been purchased for this purpose of renting it out for a profit. Its just it would be the only piece of equipment I would do this with.
It seems if I place it on schedule C the taxes are significantly less: I would probably say it is not Qualified business income as I would be quite passive receiver of rent payments but this wouldn't change the fact that it is a business and can be listed in schedule C?
thanks
