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Business & farm
The terminology is legal; there are two types of property; personal and real. Everything that is not real property (aka real estate) is personal property, tangible or intangible and whether that personal property is held for personal use, business use, or investment purposes. Do not conflate the IRS term "personal use property" with the legal term.
If you have a one-off with respect to renting this piece of equipment and are not starting or planning to be in the business of renting personal property, then this would generally not be reported on Schedule C.
‎October 7, 2022
1:37 PM
3,578 Views