The income from the rental of personal property if the taxpayer engaged in the rental for profit but is not in the business of renting such property is reported on Schedule 1 under Other Income. Expenses related to rental of personal property are deducted as an adjustment on Schedule 2.
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.