All of our properties are reported via Sched E with no Sched C
We have purchased raw land we hope to develop. In the meantime we use the land to store materials, dirt, tree trimming, store equipment trailers and work vehicles.
We have installed fencing, cut the grass, installed security cameras and have a separate tax bill, thus expenses.
Last year I reported the expenses on a Sched E but since its not rented to a third party I'm thinking that's not correct.
Thoughts?
Thanks
Tom
