Rental of personal property (not real estate) when you are not in the business of renting property is reported on Schedule 1 Line 8 with the associated expenses reported on Schedule 1 Line 24b.
This information is entered into TurboTax through the Less Common Income section of your return.
Go to Less Common Income > Miscellaneous Income, 1099-A, 1099-C, and click Start or Update.
Then scroll to Income from renting out personal property (not rental real estate or farm rentals) and click Start or Update to enter your information.
Be aware that you will only be allowed to claim expenses up to the amount of income you have received. This type of rental cannot generate a loss on your tax return.
But, if you are in the business of renting personal property, then your business income and expenses will be reported on Schedule C.
Where you report your income and expenses all depends on your profit motive and whether you intend to continue to rent your trailer with an intent to make money.
@benlynch00
[edited 2/24/2022 | 11:12 am PST]
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