Other Income

[ILLMAS]

TP is a musician as a hobby, he sings and plays at bars on talent night and owns a derisable guitar. So someone back in 2009 paid him some money to loan him the guitar on/off for a couple of months. He is not in the business of renting equipment but the opportunity came up, can the amount he recieved be reported on line 21 as other income?

[Kea]

I would say "Yes."

[TaxCPANY]

Following is one of the explanations on the Line 21 (1040) Other Income statement, which can be printed to accompany a return: "Income from the rental of personal property but were not in the business of renting such property".

On the other hand, I report rentals of my video-business clients' equipment on Schedule E, as I learnt to do from more-experience hands; but I can't quickly offer a cite therefor. VTY, TaxCPANY

TP is a musician as a hobby, he sings and plays at bars on talent night and owns a derisable guitar. So someone back in 2009 paid him some money to loan him the guitar on/off for a couple of months. He is not in the business of renting equipment but the opportunity came up, can the amount he recieved be reported on line 21 as other income?