Personal property rental income that is not part of a rental business is generally reported on Schedule 1 under Other Income. Expenses related to personal property rental income may be deducted as an adjustment on Schedule 1.
Personal property is commonly defined as any property that is not attached to the land or to structures on real estate. The main characteristic of personal property is that it is movable, unlike real property or real estate.
Taxpayers should review IRS guidance to determine how personal property rental income must be reported for tax purposes.
Additional Information: