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Business & farm
I'd say it'd be considered more of a rental / passive income.
It's already been made quite clear by the IRS at https://www.irs.gov/instructions/i1040se#en_US_2022_publink24332td0e847 that a vehicle rented out does not get reported on SCH E.
Do not use Schedule E to report income and expenses from the rental of personal property, such as equipment or vehicles. Instead, use Schedule C if you are in the business of renting personal property.
March 16, 2023
5:41 PM