neilbrink Posted April 10, 2008 Report Posted April 10, 2008 Clent bought a Harley Davidson for $18,500.00 and intends to rent it out as well as use it for personal use. He has several individuals lined up to rent it for trips, etc. this year. How should I classify this? Business? Rental Property? He already has a consulting business and already has a storage rental facility, so I could could actually fit it into either one. Also, should I pro-rate the costs of the Harley between the rental milage and the personal milage? Thanks. Neil Quote
neilbrink Posted April 11, 2008 Author Report Posted April 11, 2008 Clent bought a Harley Davidson for $18,500.00 and intends to rent it out as well as use it for personal use. He has several individuals lined up to rent it for trips, etc. this year. How should I classify this? Business? Rental Property? He already has a consulting business and already has a storage rental facility, so I could could actually fit it into either one. Also, should I pro-rate the costs of the Harley between the rental milage and the personal milage? Thanks. Neil Still looking for anyone to take a shot at this. Quote
RoyDaleOne Posted April 11, 2008 Report Posted April 11, 2008 Unless, he provides significant services it is rental of tangible personal property, a passive activity. Split using mileage. My comments only. Quote
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