Storage Rental Income

[RM0312]

I started using my shop and the surrounding parking area for people to store trailers, boats, etc. this year. It is supplemental income as I don't participate in any "landlord" activities...just take in the monthly fees. Would that income go on Schedule C or E?

Thanks - RM

[DianeW777]

This would be considered rental income reported on Schedule E.  Since you are leasing real estate space, you are allowed to report it as rental income.  You do actively participate since you make the decision about who can rent space and how much they will pay. 

If the property you rent out has a cost for such things as a building or concrete slabs, these would be depreciable assets if you have not deducted these depreciable assets on a business.

Any rental of personal property, which is anything other than land or buildings, would be considered business income reported on Schedule C.

• How do I enter my rental income and expenses?